GBP/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has been quite volatile recently and a sharp appreciation after a steep decline in mid-November did not come as a surprise. At the moment, the pair is following a bullish trend, fluctuating between two upward sloping gradually converging lines that represent boundaries of a 119-bar long rising wedge pattern. Market players are not univocal on the future moves of the instrument, being bullish in 54.10% of cases and bearish in-45.90%. Technical indicators shed some light on the pair's prospects, sending a strong bullish signal in the medium-term and bearish signal in long-term perspective.
© Dukascopy Bank SA
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