GBP/USD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has recently violated a seven-month down-trend, which speaks in favour of a recovery. However, formation of a rising wedge indicates the upward trend is already losing steam. Resistance at 1.55, represented by the upper trend-line of the pattern and the 2014 Dec low, is expected to act as a ceiling and prevent further appreciation of the Sterling, thus forcing the pair to breach support at 1.54. Given this scenario, the weekly PP at 1.5342 will be the initial target, followed by strong demand at 1.52 (monthly PP, 200-period SMA and Feb 10 low) and by support area between 1.50 and 1.495. At the same time, a close above 1.55 will imply extension of the rally to the 2014 Dec high at 1.58.
© Dukascopy Bank SA
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