GBP/USD Descending Broadening wedge
Updated
Today marked the 5th hit on the trendline validating the pattern. Typicllay broadening descending wedges are a bullish sign. Coupled with the fact that GBP/USD made its way very close to key levels of support today and news drops come later today I would expect a breakout coming shortly. I will be patiently waiting for entry into a bullish trend however I have not taken my eyes off the current levels of support. If we break bellow further downward potential is still possible.
**KEYS FOR REVERSAL CURRENTLY MET**
1. Bullish RSI Divergency on 4HR Chart. Current Low set a higher low on the RSI.
2. 5 touches on both sides of the shown pattern (Validating patterns presence)
3. Over a 4% downward move for GBP/USD with no major corrections (I look for 3-5%)
4. At Key Level of Support
Trade active
Will Close trade for loss if break and confirm under key support level. I have added to trade at key level. BOE interest rate decision in 8 hours could have drastic impact on price action. Will be watching the release closely to see if BOE will be cutting rates as predicted. If a rate cut does not happen it will support the pattern expectations. Trade closed: stop reached
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