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🟢Forex Pair: GBP/USD
⚪Technical Analysis: Since January 2021, the price has been following an interesting uptrend, creating a clear rising wedge pattern, bouncing many times on its dynamic S/R trendlines. On the 21st of January the price reached a strong resistance zone at about 1.37500, following two more re-tests on the same level without strength enough to break through it. It is currently close to its dynamic trendline and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion: In the daily perspective, the price has been following a clear uptrend since October 2020 and it's currently showing few signs of weakness. I'm confident to see a trend correction and a breakout of its rising wedge pattern. I'll be waiting for a breakout of its dynamic trendline before planning my short position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly, Gianni
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We currently reached our first take profit, we are waiting for the next price action!