GBPUSD takes a pullback within broadening rising wedge

11 Nov 2019

The GBPUSD pair has formed a broadening rising wedge pattern on daily basis. The currency pair took a pull back from the upper trend line of the pattern and started its southward journey. A closing below the 21 period moving average opens the door for further downside move towards the lower trend line of the pattern near 1.2424. We can see, every time the prices hit the upper trend line, it pulled back to the lower trend line and vice versa. The traders are advised to enter a short position without any delay with the first target of 1.2500 and second target can be set at 1.2385. The stop loss for the trade can be placed at 1.3116.