GBP/USD looking for a new high to retest the upper side of a wedge

Gregor Horvat Wavetraders

Pound keeps moving higher as intraday sentiment turned against the US currency as US stocks indexes keep trading at ATH. Technically speaking, cable made only a three wave drop within a corrective channel that found a support at former wave four, near 1.3622. Intraday rise is sharp, looks like an impulse that is now also trying to break through the upper trendline resistance so it appears that bulls are ready to retest 1.3744 highs, the upper side of a 4h wedge.

GBP/USD 4h and 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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