GBP/USD: will the pound leave the ledge?

GBP/USD: will the pound leave the ledge?

On the GBP/USD daily chart, "bulls" are trying to implement the "Splash and ledge" pattern. If they succeed, the risks of continuation of the rally towards 161.8% target in the AB = CD pattern will increase. In contrast, a move of quotes to the middle level of the 1.2770 - 1.2860  trading range can lead to the formation of "Shakeout-fakeout" pattern and development of the correction to the current uptrend.

On the GBP/USD hourly chart, the failure of buyers to move higher will be a sign of their weakness. It might also lead to the formation of the expanding wedge reversal pattern, 

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