GBPUSD: Rising Wedge Setup Warns of Reversal
GBPUSD is testing the top of a Rising Wedge chart formation, a barrier reinforced by the 61.8% Fibonacci expansion at 1.6087. The overall setup is broadly indicative of bullish exhaustion ahead of a turn lower but confirmation remains absent and we will remain on the sidelines for now. A break higher exposes the 76.4% Fib at 1.6156. Near-term support lines up at 1.6033, the 50% expansion.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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