SELL - 40-60 pips reward. 15 pips risk. Descending wedge & MAs

Aug 4, 2020

GBPUSD is in a descending wedge on the hourly. Potential play to 1.298-1.30 if movement in wedge continues. Coupled with it knocking it's head on 2015 descending resistance most recently and downtrending moving averages on the shorter timeframes. GBPUSD should have a healthy pullback. Long term MAs are still bullish and the daily and weekly 50 is moving up so I expect this is part of a healthy pullback consolidation transition before a further attempt at that 2015 sloping resistance.