GBP/USD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has already lost around 500 pips since it was trading near the major level at 1.72 and a further decline is possible since there is a Falling Wedge pattern emerging on the chart. The Daily technical studies are pointing south, strengthening the bearish outlook. Although, to prove its bearish intentions the pair has to slide below the 1.67 level, after approaching the upper boundary around the weekly PP at 1.6741. Nonetheless, the pair's sentiment is slightly bullish, with 57.43% of the SWFX traders expecting the Pound to outperform the U.S. counterpart. The medium term target level for the pair's bears is the major level at 1.66.
© Dukascopy Bank SA
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