GBP/USD: "Rising Wedge" led to massive decline

GBP/USD: "Rising Wedge" led to massive decline


We've got a "Triple Top" pattern, so the price reached the 34 Moving Average. Nevertheless, bears are likely going to test the next support at 1.3083. If we see a pullback from this level, there'll be an option to have an upward correction towards the nearest resistance at 1.3158 - 1.3184.


The last "Rising Wedge" pattern led to the yesterday's massive decline. The main intraday target is the 55 Moving Average, which could be a departure point for another decline in the direction of the closest support at 1.3083.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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