GBP/USD Technical Analysis: Target at 1.2838 mission accomplished - What is next after rising wedge?
|- GBP/USD main bear trend is on hold for the fifth consecutive day as the market is having a bullish pullback.
- GBP/USD had a spike breaking above the bullish channel in a rising wedge shape, suggesting that the market went too far too fast. The correction might extend near 1.2789-1.2800 support coinciding with the 50% Fibonacci retracement of the last bull leg from Monday.
- If the market reaches 1.2789-1.2800 support, traders will be watching the market reaction in order to decide if the short-term bullish momentum is still in place.
Spot rate: 1.2819
Relative change: 0.17%
High: 1.2847
Low: 1.2793
Trend: Bearish
Short-term trend: Bullish
Resistance 1: 1.2838, August 10 high
Resistance 2: 1.2900-1.2923 area, figure and August 7 low
Resistance 3: 1.2957 July 17 low
Support 1: 1.2789-1.2800 area, intraday swing high and figure
Support 2: 1.2723, August 10 low
Support 3: 1.2700 figure
Support 4: 1.2661, current 2018 low
Support 5: 1.2589 June 21, 2017 low
Support 6: 1.2500 figure
Support 7: 1.2365 April 7, 2017 high
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.