GBP/USD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to cross the resistance at 1.70, GBP/USD was forced to enter a downward trend. Nevertheless, there are certain signs telling the currency pair is about to breach the down-trend resistance line at 1.6828 and re-test the May 6 high, the main being formation of a reversal pattern—a falling wedge.
On the other hand, the Pound will also have to break the 200-period SMA, Jun 6 high and other obstacles, making this scenario less likely, but leaving it viable nonetheless. In any case, the short-term outlook is bearish, with the target being the lower boundary of the pattern at 1.6650, where the line merges with the weekly S2 level.
© Dukascopy Bank SA
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