There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Rising Wedge' to end soon
There's a 'Double Top' pattern, which has been confirmed. Even so, the market is likely going to test the closest resistance at 1.3172 in the coming hours, so we could have a new local high. If a pullback from this level forms next, there'll be a moment to have a decline towards the nearest support at 1.3081 - 1.3055.
We've got a developing 'Rising Wedge' pattern, which is about to end. So, we should watch the next resistance at 1.3172 as a possible starting point for a downward correction to 1.3081 - 1.3072.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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