AvaTrade - Analytics

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    GBP/USD- Trading in a downward wedge

    The GBP/USD pair is trading in a downward wedge pattern on a 4 hour time frame. The price may continue this trend which is towards the downside as long as we are trading within this wedge pattern. The pair is above the 50 day- shown in yellow and the 100 day day-shown in red, moving averages and this translates that the bulls are in strong control of the price. This increases the odds that we perhaps break the upward line of downward wedge pattern.

    The RSI is still trading in line with the price action which means that while the price is making the higher high, the momentum indicator is supporting this.

    GBPUSD 20-11-2015

    Important Zone

    1.4993-1.44952 Support

    1.5530-1.54773 Resistance


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