GBP/USD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having approached a five-year high of 1.6823, GBP/USD retreated slightly and was trading almost flat during three weeks ended March 4 when the pair embarked upon formation of the broadening wedge pattern.
The pair has been bounded by gradually diverging lines for 58 hours and is likely to remain locked in this trading range given bullishness on the market-almost 54% of traders bet on appreciation of the pair. Meanwhile, technical indicators also send ‘buy' signals for short and medium terms.
© Dukascopy Bank SA
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