GBP/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD currency pair has been respecting a Fibonacci retracement since January, when it peaked at 1.6390. Currently the pair is trading at 1.5220, only about 40 pips above on of the retracement levels. As the majority of technical indicators are sending "buy" signals, the pair is likely to head to the north to reach the next Fibonacci level at 1.5413. In addition to that, market sentiment is not clearly market, therefore price will be driven by technical indicators. In a shorter term the outlook is bullish, while after reaching 1.5413, the pair is likely to pull back, as indicators on Daily chart are sending "sell" signals.
© Dukascopy Bank SA
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