GBP/USD: 'Rising Wedge' to continue

GBP/USD: 'Rising Wedge' to continue

26-12-2018-GBP-H4.png

The market is still unfolding the 'Rising Wedge' pattern. It's likely that the price is going to test the next resistance at 1.2725 - 1.2759 in the coming hours. Meanwhile, if a pullback from this area forms next, there'll be a moment to have a decline towards the nearest support at 1.2617 - 1.2588.

26-12-2018-GBP-H1.png

There's a 'V-Top' pattern, so the price is consolidating. The main intraday target is the previously tested resistance at 1.2738 - 1.2759. The subsequent pullback from these levels could lead to a downward price movement in the direction of the closest important support at 1.2658 - 1.2628.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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