GBP/USD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact the Cable is currently testing strength of the upper boundary of the bearish channel, we do not expect it to succeed in the long-term to  consolidate above this level. The pattern's resistance is reinforced by two major obstacles, represented by the monthly pivot point at 1.5755 and 200-period SMA just below it. They are strong enough to push the British pound down against the Greenback. Moreover, while SWFX market participants are broadly undecided on pair's perspectives (only 51% of all opened positions are long), technical indicators are giving very confident signals to sell this currency cross on all time-frames, including daily, weekly and monthly studies.
© Dukascopy Bank SA
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Wed, 17 Dec 2014 08:55:42 GMT

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