GBPUSD has been moving up in a rising wedge channel for a significant amount of time now and has reached a level of strong resistance. A rising wedge in an upward trend indicates a potential reversal pattern. Currently, GBPUSD is at the bottom of that channel and unable to reach a higher high. This makes me inclined to think that a downward fall is coming soon. A short position here is the best idea in this pair. If this is not the case, then I will be looking to short around the 1.35 area will be looked at.
Please give a thumbs up if you agree with the idea and if there are any questions, feel free to comment down below.
Please give a thumbs up if you agree with the idea and if there are any questions, feel free to comment down below.
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As I said, the price just dropped and giving a pullback to continue the downtrend again.Note
Spot on, just like drawings.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.