GBPUSD: Downswing Tipped Below 1.63
Strategy: Pending Short
GBPUSD is testing November’s high just a touch below the 1.63 figure, with a break higher clearing the way for an advance to retest support-turned-resistance at a rising trend line set from the lows in June (now at 1.6737). However, a bearish Rising Wedge pattern taking shape since late January hints a reversal lower may be in the cards. A break below the wedge bottom at 1.6073 would act as confirmation, opening the door for an initial decline to 1.5922. We will remain on the sidelines for the time being, allowing a directional bias to be resolved before entering into a trade.
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