GBP/USD forms falling wedge

In accordance with expectations, a combined resistance formed by the 55-, 100- and 200-hour SMAs did not let the Pound to recover against the Dollar. In contrast, the pressure from those indicators formed a short-term falling wedge that most likely is going to break during this trading session. 

In theory, the breakout should occur in the northern direction. But in this particular case, the upper side still remains protected by the above moving averages plus the monthly R2 at 1.3485, while the opposite direction is obstructed only by the weekly S2 at 1.3327. In addition to that, in larger perspective bears most probably are willing to push the rate back to the 1.3208 area.