STOCKS: reversal chart patterns
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Rising Wedge' pattern
The pair is consolidating between the levels 1.2882 - 1.2784. It's likely that there's a 'Rising Wedge' pattern, so the price is going to reach the previously tested support at 1.2753 - 1.2728. If a pullback from this area happens next, bulls will probably try to achieve another resistance at 1.2826 - 1.2852.
There's a 'Rising Wedge', which has been formed under the Moving Averages. The market is likely going to test the closest resistance at 1.2852. The following pullback from this level could lead to a decline towards 1.2753 - 1.2728.
Sergey Logachev
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