GBP/USD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has formed a rising wedge pattern against the US Dollar, as the currency exchange rate has been rising since Monday, July 11, and the pair confirmed the pattern's support line for the second time on July 14. At the moment, the exchange rate faces the weekly R1 at 1.3268 on its way to the pattern's upper trend line, which is located at 1.3500. On the downside, the rate is supported by the 55-hour SMA at 1.3208 and the lower pattern's trend line at 1.3150. However, daily aggregate technical indicators forecast a downfall for the Cable today. In addition, 62% of open positions are already long.
© Dukascopy Bank SA
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