• After breaking down from the yearly descending channel, which was a signal of a strong momentum down, the Pound has been rallying for a while
• The pair is trading inside a rising wedge, a reversal bearish pattern
• Buyers tested the lower trend line of the channel, which is a typical move after a breakdown and apparently they gave up
• Looks like today is going to be a doji candle, which signals exhaustion of the buyers
• Breakdown from the rising wedge is likely in the coming days/weeks supported but the uncertainty around the world + disappointment from the BOE with regards to the future rate hikes
• A successful breakdown targets the support levels highlighted on the charts: 1.24, 1.233 and 1.2160 respectively
• The pair is trading inside a rising wedge, a reversal bearish pattern
• Buyers tested the lower trend line of the channel, which is a typical move after a breakdown and apparently they gave up
• Looks like today is going to be a doji candle, which signals exhaustion of the buyers
• Breakdown from the rising wedge is likely in the coming days/weeks supported but the uncertainty around the world + disappointment from the BOE with regards to the future rate hikes
• A successful breakdown targets the support levels highlighted on the charts: 1.24, 1.233 and 1.2160 respectively
Ramzi Abou Abdallah, CFTe, CMT
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