GBP/USD breaks out of wedge
The Cable has broken out of a falling wedge pattern despite all the political uncertainty in the UK and ahead of FOMC rate decision.
It is interesting to note that the buyers have evidently stepped in around that long-term 1.20 handle.
This is potentially a major development from a technical view point. But let's see if there's going to be acceptance above these levels. A bit more confirmation needed and some further signs of a dollar top, then one can proceed with looking for long trade ideas with some degree of confidence.
by Fawad Razaqzada on behalf of FOREX.com.
It is interesting to note that the buyers have evidently stepped in around that long-term 1.20 handle.
This is potentially a major development from a technical view point. But let's see if there's going to be acceptance above these levels. A bit more confirmation needed and some further signs of a dollar top, then one can proceed with looking for long trade ideas with some degree of confidence.
by Fawad Razaqzada on behalf of FOREX.com.
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