After moving lower withing the Falling Wedge pattern and reaching support the support target along 1.4948. The GBP/USD has rallied and broken the resistance at 1.5085.
Target Level 1.4948
Target Period 6 hours
Stop Level 1.5085
Falling Wedge identified at 12-Jul 23:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.4948.
Downward sloping Moving Average
(B) 1.5085 Last resistance turning point of Falling Wedge.
(A) 1.4948 Last support turning point of Falling Wedge.
Now prices are pushing the resistance up against 1.5191 and the major psychological level at 1.5200. The current high is 1.5204. Because of the “00” break, look for support now between 1.5090 and 1.5095 if the bulls are going to press higher.
Target Level 1.5191
Target Period 1 hour
Stop Level 1.5151
Rising Wedge identified at 13-Jul 19:30 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.5191.
Upward sloping Moving Average
(B) 1.5191 Last resistance turning point of Rising Wedge.
(A) 1.5151 Last support turning point of Rising Wedge.
(E) 1.4948 Last support turning point of Falling Wedge.
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