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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6870.39
6870.39
6870.39
6895.79
6858.28
+13.27
+ 0.19%
--
DJI
Dow Jones Industrial Average
47954.98
47954.98
47954.98
48133.54
47871.51
+104.05
+ 0.22%
--
IXIC
NASDAQ Composite Index
23578.12
23578.12
23578.12
23680.03
23506.00
+72.99
+ 0.31%
--
USDX
US Dollar Index
98.810
98.890
98.810
98.960
98.730
-0.140
-0.14%
--
EURUSD
Euro / US Dollar
1.16609
1.16617
1.16609
1.16717
1.16341
+0.00183
+ 0.16%
--
GBPUSD
Pound Sterling / US Dollar
1.33306
1.33315
1.33306
1.33462
1.33151
-0.00006
0.00%
--
XAUUSD
Gold / US Dollar
4211.48
4211.82
4211.48
4218.85
4190.61
+13.57
+ 0.32%
--
WTI
Light Sweet Crude Oil
59.982
60.012
59.982
60.063
59.752
+0.173
+ 0.29%
--
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GBPUSD Shows Signs of Reversal with Rising Wedge Pattern
Summary:
The rising wedge pattern on GBPUSD indicates a potential trend reversal, and the break of the wedge to the downside supports the bearish outlook. The short-term target for this pair is at 1.2000, and traders should monitor the price action carefully for potential opportunities to enter a short position.
CLOSED
1.22300
Entry Price
1.20000
TP
1.24000
SL
1.33306 -0.00006 0.00%
138.2
Pips
Loss
1.20000
TP
1.23682
Exit Price
1.22300
Entry Price
1.24000
SL
The GBPUSD pair has been on a bullish trend in the mid-term, while moving in a descending channel long-term. However, recently, the price touched the upper part of the downward channel, which acted as a resistance and rejected the price. Moreover, a rising wedge pattern foundation has been formed on the top of the trend, which indicates the trend reversal.Currently, the GBPUSD is unable to test the resistance formed by the previous high, and the price is pushing away from the local descending resistance line. It raises the question: what's next for this pair?
There is a good potential for selling GBPUSD after the breakout of the rising wedge on H1 timeframe. The price is breaking below the 20 EMA and Dxy is pushing to the upside as well, further supporting the bearish bias. Based on this, the short-term target for this pair is at 1.200It's worth noting that the rising wedge pattern is a reliable technical indicator that signals a trend reversal. It is formed by two converging trend lines, where the upper trend line is sloping upwards and the lower trend line is sloping downwards. As the price approaches the apex of the wedge, it indicates that the buyers and sellers are in a state of equilibrium, and a breakout is imminent.
In this case, the price has broken out of the rising wedge pattern to the downside, indicating a high probability of a trend reversal. The next support level for this pair is at 1.200, which is also a key psychological level.
Moreover, the rising wedge pattern is accompanied by a rejection at the upper part of the long-term descending channel. This rejection adds more confirmation to the bearish outlook for GBPUSD.
TRADE RECOMMENDATION
SELL GBPUSD
ENTRY PRICE:1.22300
STOPLOSS : 1.2400
TAKE PROFIT :1.2000
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