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GBP/USD Technical Forecast: Waiting on Resolution of Sideways Grind

GBP/USD Technical Forecast: Waiting on Resolution of Sideways Grind

Paul Robinson, Strategist

GBP/USD Technical Outlook

  • GBP/USD horizontal trading leaves traders waiting
  • Looking for some type of resolution soon

GBP/USD Technical Forecast: Waiting on Resolution of Sideways Grind

Cable is grinding its way sideways at the moment, leaving short-term traders with little to lean on. This could change soon, but it’s unclear yet in what direction and to what extent. There is some hesitancy to get too geared up right now given it is August, and in the absence of a major catalyst markets could stay quiet.

The 4-hr chart may provide a decent little wedge scenario with a day or two more of narrowing price action. The descending wedge below meaningful resistance around the 14000-line may mean we are in for more weakness ahead.

A clean break below 13872 is needed first before running with a more aggressive short bias. The pattern could still trigger to the top-side by breaking the falling trend-line that makes up the pattern, but GBP/USD will need to climb through 14000 if it is to have any real meaning.

In ‘wait-and-see’ mode for now, but a short-term trade may be nearing if a wedge can continue to form out and trigger with conviction.

GBP/USD 4-hr Chart

gbp/usd 4-hr chart

GBP/USD Daily Chart

gbp/usd daily chart

GBP/USD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.