GBP/USD: pound is a bit cramped on the ledge

GBP/USD: pound is a bit cramped on the ledge

On the GBP/USD daily chart, the realization of "Splash and ledge" pattern on the basis of 1-2-3 continues. If quotes go beyond the consolidation range 1.237-1.258 it will be a signal for the opening positions. Resistances at 1.256-1.2575 corresponds to the upper boundary of the triangle. The breakout will increase the risk of continuation of the rally towards 1.273 and 1.277.

On the GBP/USD hourly chart, an expanding wedge pattern can be formed. For this to happen, bears need to return quotes to 1.236. A successful test of the support at 1.2495 can lead to the development of consolidation followed by the move of quotes to downsides. 

Recommendations:

SELL 1,2495 SL 1,255 TP 1,236,

BUY 1,2575 SL 1,252 TP 1,273.

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