Technical Analysis: GBPUSD bulls seem tired inside rising wedge, Brexit blow can recall the bears
GBPUSD consolidates the biggest gains in three weeks above 1.3400 during early Wednesday. While cheered US Dollar weakness the previous day, the Cable buyers are likely cautious amid on-going Brexit talks that are in limbo even during the last stages of negotiations. Not only fears of a no-deal departure of the ex-neighbors, namely the UK and Europe, but a short-term rising wedge also tease the sellers for entry. As a result, the GBPUSD traders are waiting for a clear downside break of 1.3315 to target the October high near 1.3175. Meanwhile, the 1.3400 threshold offers immediate support whereas November's bottom close to 1.3100 can please the bears past-1.3175.
In a case, the buyers keep the reins and defy the bearish chart pattern, with a clear break above 1.3465, the yearly top surrounding 1.3480/85 will add filters to the pair's additional north-run. Also, the previous year's peak near 1.3515 can contribute to offer a bumpy road to the GBPUSD bulls. For now, the quote is likely to keep the upside momentum but the further road to the north will be slow and tough unless the EU-UK policymakers crack a Brexit deal and surprise markets.