GBP/USD 4H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After setting a five year high at 1.7193, just slightly below the major level, the GBP/USD cross started declining. Meanwhile, the pair has formed a broadening falling wedge pattern.
At the moment, the currency pair is hovering around the major level at 1.62. Previous minor high was set at 1.6526 and the technical indicators suggest that we are not likely to see a bullish break-out for the time being, as all of them point to the downside. We also expect the pair to slide lower, even though a slight majority of the SWFX market participants anticipate an advance to come into play. The short-term target is the weekly and daily S1 at 1.6166/50.
© Dukascopy Bank SA
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