GBP/USD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a five-year high of 1.6607, the national currency of the UK plunged against its U.S. peer and even broke through the lower limit of the rising wedge pattern that restricted the pair's moves during more than two months. However, it may be too early to talk about the breakout since the currency couple managed to use its 200-bar SMA as a prop to appreciate and return to the pattern's area. Meanwhile, technical indicators are sending bullish signals for medium and long terms.
© Dukascopy Bank SA
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