GBP/USD 4H Chart: Falling Wedge

Bearish risks are rising in case of the Sterling. The GBP/USD cross has fallen below the monthly pivot point this week, which had kept bulls under pressure after the pair crossed the 200-period SMA, currently at 1.5338. Closest demand is offered by the weekly S1 at 1.5246, but we expect a downward tendency to prolong further. Other key levels for the shorts are located at 1.52 (Oct 13 low), followed by weekly S2 1.5174 and current October low at 1.5106. All of them must be breached in order to reach the lower edge of the bearish pattern at 1.5045. In the meantime, a recovery is not off the table, either, as 53% of SWFX traders are long on the Pound and daily studies are pointing upwards.