A rounding top is a chart pattern used in technical analysis identified by price movements that, when graphed, form the shape of an upside-down "U." Rounding tops are found at the end of extended upward trends and may signify a reversal in long-term price movements.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.
The chart is following the Dow theory as it is coming down by making Lower highs and Lower Lows (descending channel).
Any break up the previous Lower High might change the Trend But it seem to be difficult as there is still no Divergence .
The GBPUSD seems retest the support 1.2295 .
GBP/USD's rally today and break of 1.2445/6 indicates resumption of whole rise from 1.3051. Intraday bias is back on the upside for 1.2759 fibonacci level. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.
The Divergence was also seen in the market The bears seems to be in power .
The falling wedge pattern occurs when the asset's price is moving in an overall bullish trend before the price action corrects lower.
The bearish flag is a candlestick chart pattern that signals the extension of the downtrend once the temporary pause is finished. As a continuation pattern, the bear flag helps sellers to push the price action further lower.
A bullish flag pattern typically has the following features: Stock has made a strong move up on high relative volume, forming the pole. Stock consolidates near the top of the pole on lighter volume, forming the flag. Stock breaks out of consolidation pattern on high relative volume to continue the trend.
