Pound Sterling Price News and Forecast: GBP/USD portrays falling wedge on hourly chart below 1.2200

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GBP/USD Price Analysis: Portrays falling wedge on hourly chart below 1.2200

GBP/USD rises to 1.2191, up 0.15% on a day, during Monday’s Asian session. In doing so, the Cable pair extends its recoveries from Friday’s low of 1.2162 while staying inside a bullish chart formation.

Considering the pair’s sustained trading below 200-HMA, bulls are less likely to enter immediately on the upside break of falling wedge resistance, at 1.2200 now.

However, a successful break of 1.2215, comprising 200-HMA, could propel the quote towards the last weekly top near 1.2300.

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