GBP/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 409-bar long falling wedge pattern started to form after the GBP/USD cross failed to surpass the 1.62 level on 28th of October.
The Pound continues to underperform against the US Dollar; however, at the moment there is strong upside pressure, as the pair has climbed above the pattern's resistance line. The 1H and daily technical studies are pointing to the south, thus GBP/USD might return to trade inside of the pattern's boundaries. We think that the 100 and 200-period SMAs together with the daily PP are likely to hold the bulls for now. The next target remains the weekly S1 at 1.5578, which is also this year's low.
© Dukascopy Bank SA
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