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British Pound / U.S. Dollar
Short

GBPUSD: Technical Outlook & Trading Plan

By VasilyTrader
Updated
snapshot

GBPUSD is trading within a rising wedge pattern on 4H.

From the 20th of January, the price is stuck within a horizontal decision range.
This formation signifies local buyers' exhaustion.

I am waiting for a breakout of its support to short the pair.
That breakout will match with a wedge's support violation and will most likely lead to a bearish continuation.

First goal will be 1.355

In case of a bullish breakout of the range, setup will be invalid.
Note
Check my new analysis on GOLD:
GOLD (XAUUSD): When Will the Next Bullish Move Start?
Chart PatternsdollarForexpoundpoundsterlingswingTrend AnalysisUSDDJ FXCM IndexWave Analysis
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