GBP/USD 4H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has been developing in a clear bearish trend after a touch of the upper trend-line at 1.6168, which used to be a strong resistance line for pair's bulls, as it is supported both by 200-period SMA and weekly R1 from above. It is worth pointing out that technical studies on all time-frames are sending aggregate signals to the south, while there are almost no indicators, which point to the north. Therefore, likelihood of the pair's decline is rather high; however, before reaching the lower boundary, the British currency will have to break a number of support levels, including the monthly S1 at 1.5963. SWFX traders, in turn, remain positive on the pair, as 64% of all opened positions are long.
© Dukascopy Bank SA
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