GBP/USD has been trading upwards most recently but I found the rising wedge pattern in creation and potential for further downside. I do expect downside movement and test of 1.3063 and 1.3016. Watch for selling opportunities.
MACD oscillator is showing 3 pushes up and bearish divergence, which is another sign of the exhaustion from buyers.
Downward slopping line – Expected path
Rising upward lines – Rising wedge pattern
Resistance level is seen at the price of 1.3150
Support levels and downward targets are set at the price of 1.3063 and 1.3016.
