GBP/USD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD left three-month highs to form a falling wedge which now suggests that a surge is up next. The pair has been sticking to the upper trend-line at 1.2275 for almost two days already, which means that another journey to the bottom trend-line is unlikely and the pair will go on to break the pattern to the upside. We could expect 1.2300/03 to serve as the next target and push for a retracement of the broken trend-line. A soar can be expected after that, launching attacks at 1.2320, 1.2343/45 and 1.2359, respectively.
© Dukascopy Bank SA
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