GBP/USD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has been developing in a clear bearish trend after a touch of the upper trend-line at 1.6168, which used to be a strong resistance line for pair's bulls, as it is supported both by 200-period SMA and weekly R1 from above. It is worth pointing out that technical studies on all time-frames are sending aggregate signals to the south, while there are almost no indicators, which point to the north. Therefore, likelihood of the pair's decline is rather high; however, before reaching the lower boundary, the British currency will have to break a number of support levels, including the monthly S1 at 1.5963. SWFX traders, in turn, remain positive on the pair, as 64% of all opened positions are long.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.