empty
 
 
15.03.2022 02:23 PM
GBPUSD close to breaking out of the wedge pattern.

GBPUSD is trading above 1.3050. Price has been trading over the last few days inside a wedge pattern making lower lows and lower highs. The RSI did not follow and has produced bullish divergence warning signals. In previous posts we warned traders that this combination increases the chances of a reversal specially if price breaks above the upper wedge pattern boundary.

This image is no longer relevant

Black line - major resistance

Green line- bullish divergence

Red lines- downward sloping wedge pattern

GBPUSD is challenging today the upper wedge pattern boundary. Price for now is slightly above the upper boundary providing a bullish signal. It is important at the end of the day to see where the pair closes. Traders need to be patient. We might see a rejection at the wedge resistance. If the break out is confirmed, then bulls will need to push price even higher and hold above recent lows at 1.2999. If GBPUSD does produce a bullish signal, our first bounce target will be at 1.34.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback