Rising wedge on GBP/USD

Rising wedge on GBP/USD

On the GBP/USD currency pair (H4 timeframe) a classical figure of technical analysis – Rising Wedge – has formed. We recommend you to pay attention to this situation. At the moment, the price is testing the lower border of the pattern. Indicators point to the strength of buyers.

Purchases should be considered if the price consolidates above the local resistance level of 1.29850. The immediate goal for profit taking is 1.30400. Confirmations and entry points to the market should be looked for on the smaller timeframe.

by JustForex, 2017.05.10

View trading ideas by the Price Action method.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.