GBP/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after breaching the 200-hour SMA from below (Jul 10) the Cable started gradually decreasing the trading range. As a result, the currency pair formed a 240 bars long rising wedge on an hourly chart, although we are already about to witness violation of the lower edge of the pattern. This scenario is not implied only by the set-up itself, but also by the technical indicators as well.
Moreover, judging by the ratio between the shares of long (37%) and short (63%)  positions, most of SWFX marketplace participants consider the Sterling to be bearish relative to the U.S. Dollar.

© Dukascopy Bank SA
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