GBP/USD:SELL From Resistance Level Rising Wedge Patter SHORT
Updated
The GBP/USD in the last sessions had a strong movement in an uptrend where the price started to create higher low and higher high inside a triangle shape. This pattern it's called the Rising Wedge Pattern.
One of the most effective setups for profitable trading opportunities is the rising wedge pattern, this indicates slowing momentum and it usually precedes a reversal to the downside, meaning that traders can identify potential selling opportunities. As you can see the price still approaching a strong resistance area between 1.1700 and 1.1800 ( the White Rectangle ), this area can be a potential reversal point for the price to come back in the direction of the main trend. The Stochastic is in the overbought area and the price is still under the 200 moving average. All these clues are in favor of a new push-down by the price.
One of the most effective setups for profitable trading opportunities is the rising wedge pattern, this indicates slowing momentum and it usually precedes a reversal to the downside, meaning that traders can identify potential selling opportunities. As you can see the price still approaching a strong resistance area between 1.1700 and 1.1800 ( the White Rectangle ), this area can be a potential reversal point for the price to come back in the direction of the main trend. The Stochastic is in the overbought area and the price is still under the 200 moving average. All these clues are in favor of a new push-down by the price.
Note
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