MTradingGlobal

Rising wedge teases GBPUSD sellers before UK Retail Sales

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD’s gradual rebound from the yearly low is at test ahead of the UK Retail Sales as the pair portrays a bearish chart pattern on the four-hour timeframe. It should be noted, however, that the bullish MACD signals and firmer RSI conditions also keep the buyers hopeful. Hence, the pair traders should wait for a clear break of the wedge , currently between 1.3515 and 1.3450, before taking entries.

Should the quote rises past 1.3515, a 13-day-old horizontal resistance near 1.3600 and 200-SMA level around 1.3620 will be in focus. Alternatively, a downside break of 1.3450 will confirm the bearish chart pattern and direct the prices towards the 1.3285 level to refresh the yearly bottom. During the fall, the previous resistance line from October, close to 1.3385, will precede the latest bottom of 1.3352 to offer intermediate halts.