GBP/USD analysis: Follows rising wedge pattern

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD exchange rate continues to follow the rising wedge pattern.

From a theoretical perspective, it is likely that the currency pair could re-test the lower pattern line circa 1.3600. If the given pattern holds, a reversal north could occur.

Meanwhile, note that the exchange rate could gain support from the 200-hour SMA and the weekly PP near 1.3650. Thus, the rate could re-test the upper pattern line. If the predetermined pattern holds, a breakout north could occur.

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Dukascopy Bank Team

Dukascopy Bank SA

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