GBP/USD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being a subject to a strong bullish pressure, GBP/USD managed to attain a five-year high of 1.6839, close to which it is meandering now. According to the SWFX data, market players believe the pair has not exhausted its potential yet and may continue ascending in the hours to come; around two thirds of traders bet on appreciation of the currency couple. If these expectations materialize, the GBP/USD may reach a cluster of resistance lines at 1.6840/60 (daily R1; four-hour R1, R2) and may even try to near 1.6878/82 (daily R2; four-hour R3) that represent the last defence from a surge to the wedge's upper limit.
© Dukascopy Bank SA
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