Will the CHF bounce back down from the resistance?
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
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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