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The Cable's trading range is gradually narrowing down. It has already led to an emergence of the falling wedge pattern. On the one hand, future risks can be skewed to the upside, which is implied by the pattern's nature. On the other hand, very few signals are indicating there is going to be a rally of the Pound. At first, aggregate technical indicators on all time frames are recommending to sell the pair. More than two thirds of all SWFX positions are long, which means the market remains quite overcrowded with the bulls. The base scenario assumes GBP/USD will be driven mostly by the cluster of simple moving averages at 1.4173/1.4221. A renewal of growth will be possible at 1.40 (monthly/weekly S1, trend-line).
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