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BitterSweetMarkets

GBP/USD approaching resistance...

Short
British Pound / U.S. Dollar (FX_IDC:GBPUSD)  
BitterSweetMarkets Updated   
FX_IDC:GBPUSD   British Pound / U.S. Dollar
2
0
Look for price action behaviour around the resistance level, keep an eye on the BB's squeezing tighter, remember this is the Daily chart so it should fire nicely at some point in the near future. It would be more convincing if the rising wedge would form a little more. At this stage i'm looking at shorting this pair within the next 1 to 5 days.
Comment:
The rising wedge (pattern) has now become a rising channel, resistance at 1.3050 is still holding out, however i will be looking for more confirmation before i short this, a scalp trade would have worked on the 18th as it dropped about 70pips from the highs at resistance. All in all i'm less enthusiastic about this trade although not ruling it out completely.
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