Forex: GBP/USD: More uptick in prospect?

on Jul 16, 2013
Listen Tuesday July 16th_: By the beginning of the European session today, the GBP/USD had fallen to what remains the intraday low of 1.5043. From then till now, the pair has been in bounce mode and is currently trading at 1.0585.

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The descending MA89 on the 4H time period is continuing to provide resistance and is not letting the price rally.
The action has been forming a falling wedge pattern since 11 July. That being the case, the quote may soon jump towards the 1.5305 high from 3 July.



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GBP Forex