GBP/USD Bearish Wedge Back on Track after BoE, NFPs
This is a follow up and an expansion on our GBPUSD chart posted last week (see link to related ideas below).
The recent rejection of $1.5660/1.5700 has resulted in a loss of the uptrend from the July 8, 9, and 24 lows. In context of the potential longer-term pattern - a bearish rising wedge that commenced with the break in price on July 7 and subsequent rejection of wedge TL support as resistance on July 15 - it looks like the next leg lower in GBPUSD is beginning.
The key level to watch into the end of the week is ~$1.5460, the swing low in the countertrend rally on July 24. A weekly close below this level would offer a confirmation signal for a move lower (further supported by H4 and daily indicators spilling over into bearish territory). Key levels lower to watch come in at ~$1.5315 and ~$1.5160.
Bears may find risk contained to $1.5635, the pre-BoE "Super Thursday" high in price on August 6. Still, with resistance having established itself in the $1.5660/1.5700 area (as noted in the chart from last week), gains may be difficult to come by on the long side; the path of least resistance is lower.
The recent rejection of $1.5660/1.5700 has resulted in a loss of the uptrend from the July 8, 9, and 24 lows. In context of the potential longer-term pattern - a bearish rising wedge that commenced with the break in price on July 7 and subsequent rejection of wedge TL support as resistance on July 15 - it looks like the next leg lower in GBPUSD is beginning.
The key level to watch into the end of the week is ~$1.5460, the swing low in the countertrend rally on July 24. A weekly close below this level would offer a confirmation signal for a move lower (further supported by H4 and daily indicators spilling over into bearish territory). Key levels lower to watch come in at ~$1.5315 and ~$1.5160.
Bears may find risk contained to $1.5635, the pre-BoE "Super Thursday" high in price on August 6. Still, with resistance having established itself in the $1.5660/1.5700 area (as noted in the chart from last week), gains may be difficult to come by on the long side; the path of least resistance is lower.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.