Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

下载MT4
MT5 Terminal

GBPUSD Rising Wedge Pattern (Dec 15, 2015)

GBPUSD has been slowly trending higher, moving inside a rising wedge pattern visible on its 4-hour time frame.

Price is currently testing the wedge support and might be due for a bounce back to the top.

Stochastic and RSI are both moving out of the oversold region, indicating a return in buying pressure. This could take GBPUSD up to the wedge resistance at the 1.5250 minor psychological level or possibly an upside breakout.

If price breaks past the wedge resistance, the pair could rally by an additional 300 pips or the same height as the chart formation. The 100 SMA lines up with the bottom of the wedge, adding more support, and is above the 200 SMA and indicating that the path of least resistance is to the upside.

Event risks for this trade setup include the FOMC statement, during which the Fed is widely expected to hike interest rates. Still, the announcement could be accompanied by cautious rhetoric, which might still leave the dollar weaker against its peers.

Another potential catalyst is the UK jobs report, which might show a 0.9K rise in claimants, enough to keep the unemployment rate steady at 5.3%. The average earnings index might fall from 3.0% to 2.5% to indicate weak wage pressures, likely weighing on the pound.

If so, GBPUSD could break below the wedge support around 1.5100-1.5150, taking it lower by an additional 300 pips to the 1.4800 levels. 

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/cn
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

加入我们仅需1分钟!

下载MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/cn