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GBPUSD: Rising Wedge Setup Warns of Reversal

GBPUSD: Rising Wedge Setup Warns of Reversal

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.

GBPUSD_Rising_Wedge_Setup_Warns_of_Reversal_body_Picture_5.png, GBPUSD: Rising Wedge Setup Warns of Reversal

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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