GBP/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling/Dollar pair formed a rising wedge pattern during the past trading week. The pattern implies a narrowing trading range, making it difficult for the Pound to continue developing inside the boundaries of the wedge. The exchange rate is still located around the upper edge, even though there were attempts to lose value on June 16. However, the 55-hour SMA turned GBP/USD around, thus leading to the most recent up-trend. The UK currency will have to appreciate above daily R1 at 1.5649 in order to confirm its bullish intentions. The bullish scenario is additionally shared by 56% of SWFX traders. However, technical indicators are undecided at the moment.
© Dukascopy Bank SA
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