IamMuffee

Example of Rising wedge in GBPUSD 4H TF

FX:GBPUSD   British Pound / U.S. Dollar
This is a pure example of Rising wedge chart pattern to trade on.

This pattern is bounded by two converging trend lines . We know this pattern is usually traded for a reversal trend. It is a bearish pattern which signals us the pair is likely heading downward.

Though, it is also indicates that a continuation of the trend. If it fails to break the bottom trendline (Support) and which can lead us to have new high.

Everything is depending on the trendlines are broken or not.
low trand line broke, where do you think it will aim?
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Hi, I think it is touching the resistant to create double top! What do you think?
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danndc rimohossen.saifa
do you think it will go down? specially if FED is hawkish?

where is your target?
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Its all depends on the Lower trendline (support) broken or not. If it breaks down, I'm expecting 1.5050 but the initial target is around 1.52
+1 Reply
IamMuffee rimohossen.saifa
Well, lets see for the confirmation.
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danndc IamMuffee
please keep updated for us. thanks
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Great example. I also just observed it on my chart. Thanks for sharing. Good luck!!
+1 Reply
hi,

do you think it is going down? if so, do you think it could touch 150 or even lower?
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