GBPUSD – A Textbook Rising Wedge?

21 Aug - GBPUSD Daily

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Hello Traders,

A quick update on the cable. As I write, I see a rising wedge in the making (on the 4 hr chart). I understand that the market is random and there’s no guarantee that price will definitely to short. However, I like it when I see price patterns like these as it gives me comfort that the probability of a short set up stacking up.

Looking at the bigger picture, you should also see a longer term minor resistance around 1.570-1.577 (not shown). I’ll look for the drop if it bounces off the zone.

Thank you for reading and remember to stick to your trading rules. 🙂 Also, if you have a different view of this market, please feel free to comment in the box below.

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