Technical Analysis: Rising wedge near three-month top keep GBPUSD sellers hopeful

Technical Analysis: Rising wedge near three-month top keep GBPUSD sellers hopeful

GBPUSD struggles for a clear direction inside a rising wedge bearish chart pattern on early Monday. Even so, the quote keeps the upside break of April tops, amid normal RSI and bullish MACD signals. Hence, the pair sellers should wait for a clear downside break of 1.4135 before targeting the previous month’s high near 1.4000. It should, however, be noted that GBPUSD weakness below 1.4000 will be challenged by 1.3935-30 support confluence including 200-SMA and upward sloping trend line from April 12.

If at all the GBPUSD bulls keep the reins, the 1.4200 seems a nearby hurdle for them to cross before challenging the monthly top surrounding 1.4235. Also acting as an upside barrier is the stated wedge’s upper line close to 1.4260. Overall, GBPUSD buyers seem tiring of late as the quote seesaws around a multi-month high. As a result, the confirmations of the said bearish chart pattern will have higher odds of convincing the sellers for a long reign.

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