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

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

4-8-2017-GBP-H4.png

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.

4-8-2017-GBP-H1.png

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.

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