GBP/USD 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since last year's July GBP/USD has been in a major up-trend. And even though most of the technical indicators suggest the demand is going to continue pushing the price further north, there are signs that we are on the verge of a major reversal. Firstly, the currency pair is facing an important resistance level, represented by the 2009 high at 1.7050. Secondly, there is a rising wedge pattern emerging, meaning the downside risks are now greatly increased. Accordingly, if the support at 1.68 is breached, it will most likely imply an extension of the sell-off, potentially down to the Feb 5 low at 1.6250. As for the sentiment, it is strongly bearish—74% of open positions are currently short.
© Dukascopy Bank SA
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