GBP/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Through last two months the GBP/USD cross has traded in the boundaries from 1.59 to 1.63. Nonetheless, now the pair seems to be going for lower levels, as a falling wedge pattern has formed.
The pattern's support line at 1.5823 is being challenged at the moment; however, it seems rather strong together with the monthly S1 at 1.5833. At the same time, the technical indicators suggest that the pair will continue to decline; although, it does not especially mean that a break-out is expected since the pair is already on a down-trend. The SWFX traders' expect a rebound, so do we, at lease in the short-term. The next target level is the weekly S1 and daily PP at 1.5883/90.
© Dukascopy Bank SA
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