WaveSavvyTrades

TRIPLE TOP + RISING WEDGE

Short
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Price for this symbol seems to have been trapped between a support zone and a resistance zone for quite a while now. A break out in either direction could possibly bring very strong moves. The price is currently at the resistance zone plus the price seems to have formed a rising wedge. If the wedge structure is valid and price turns bearish it could head to the support zone and this would lead to the formation of a triple top (A very potent bearish signal) especially if the support zone breaks. For now we will take it one step at a time and see how price reacts with the resistance zone and the rising wedge.


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