GBP/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After refusing to move above 1.70-mark, the cable moved to the south and since then has been trading in boundaries of the falling wedge pattern. Market sentiment is not clearly marked, as 55% of opened positions are short. Meanwhile, aggregate technical indicators are mixed and do not give a clear indication of the pair's future performance. Nonetheless, more than 66% of pending orders in a 100 pips range are placed to sell the cable, meaning traders are still betting on a bearish scenario. It will be extremely difficult for the pair to move above weekly pivot, hence, the most probable scenario is a move first to daily PP and then towards daily S1 at 1.6725.
© Dukascopy Bank SA
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