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GBP/USD Technical Analysis: Converging trend lines form a bearish rising wedge pattern

   •  The pair has been steadily recovering from yearly lows but now seemed confined between two converging trend-line, forming a bearish 'Rising Wedge' chart pattern on the 4-hourly chart.

   •  Technical indicators on hourly charts continue to hold in the positive territory but haven't been able to catch up with the recent up-move on the daily chart, failing to support any firm direction.

   •  Hence, it would be prudent to wait for a decisive break through the mentioned pattern range before traders start positioning aggressively for the pair's next leg of a directional move.
 

GBP/USD 4-hourly chart

GBP/USD

Overview:
    Today Last Price: 1.2682
    Today Daily change: 17 pips
    Today Daily change %: 0.134%
    Today Daily Open: 1.2665
Trends:
    Previous Daily SMA20: 1.2696
    Previous Daily SMA50: 1.2847
    Previous Daily SMA100: 1.2913
    Previous Daily SMA200: 1.3231
Levels:
    Previous Daily High: 1.2708
    Previous Daily Low: 1.2605
    Previous Weekly High: 1.276
    Previous Weekly Low: 1.2477
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2668
    Previous Daily Fibonacci 61.8%: 1.2644
    Previous Daily Pivot Point S1: 1.2611
    Previous Daily Pivot Point S2: 1.2557
    Previous Daily Pivot Point S3: 1.2508
    Previous Daily Pivot Point R1: 1.2714
    Previous Daily Pivot Point R2: 1.2762
    Previous Daily Pivot Point R3: 1.2816

 

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