GBPUSD rising wedge suggesting bearish price action

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBPUSD bounced after a surprising GDP results but don’t forget that it is still in downtrend. Brexit talks, no hikes, weak overseas growth and low industrial output are not beneficial for UK economy and it is reflecting on the charts. Technically the pair is showing rising wedge pattern and there are 2 possible scenarios. POC zone is made of strong bearish order blocks, leaned M pattern and H3 resistance. Additionally we can also see a bearish divergence formed at the wedge top. Any

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