GBP/USD analysis: Follows rising wedge pattern
|GBP/USD
The GBP/USD exchange rate continues to follow the rising wedge pattern.
From a theoretical perspective, it is likely that the currency pair could re-test the lower pattern line circa 1.3600. If the given pattern holds, a reversal north could occur.
Meanwhile, note that the exchange rate could gain support from the 200-hour SMA and the weekly PP near 1.3650. Thus, the rate could re-test the upper pattern line. If the predetermined pattern holds, a breakout north could occur.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.