GBPUSD: Short on Wedge Support Break
Strategy: Pending Short
GBPUSD completed a Bearish Engulfing candlestick pattern below familiar resistance at 1.6744 and sank to support at the bottom of a Rising Wedge chart pattern carved out over the past 12 months. The setup looks acutely bearish, but a clear break of the Wedge bottom (now at 1.6154) is needed for confirmation to enter short. As such, we will remain on the sidelines for the time being.
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