“¢ The pair has been steadily recovering from yearly lows but now seemed confined between two converging trend-line, forming a bearish ‘Rising Wedge’ chart pattern on the 4-hourly chart.
“¢ Technical indicators on hourly charts continue to hold in the positive territory but haven’t been able to catch up with the recent up-move on the daily chart, failing to support any firm direction.
“¢ Hence, it would be prudent to wait for a decisive break through the mentioned pattern range before traders start positioning aggressively for the pair’s next leg of a directional move.
GBP/USD 4-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.2682
Today Daily change: 17 pips
Today Daily change %: 0.134%
Today Daily Open: 1.2665
Trends:
Previous Daily SMA20: 1.2696
Previous Daily SMA50: 1.2847
Previous Daily SMA100: 1.2913
Previous Daily SMA200: 1.3231
Levels:
Previous Daily High: 1.2708
Previous Daily Low: 1.2605
Previous Weekly High: 1.276
Previous Weekly Low: 1.2477
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2668
Previous Daily Fibonacci 61.8%: 1.2644
Previous Daily Pivot Point S1: 1.2611
Previous Daily Pivot Point S2: 1.2557
Previous Daily Pivot Point S3: 1.2508
Previous Daily Pivot Point R1: 1.2714
Previous Daily Pivot Point R2: 1.2762
Previous Daily Pivot Point R3: 1.2816
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