GBP/USD: "Rising Wedge" pattern

GBP/USD: "Rising Wedge" pattern


The price is consolidating under resistance at 1.3234, but we've got a "Double Top". If this pattern confirms, bears are likely going to test the nearest support at 1.3184. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the next resistance at 1.3277.


We've got a "Rising Wedge" pattern, so the price is likely going to test the closest resistance at 1.3243 - 1.3250 during the day. However, if we see a pullback from this area, bulls will have a green light to achieve another support at 1.3207 - 1.3184.




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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