ZuluTrade Blog

A potential Rising Wedge or a new buying setup for GBPUSD?

Market View | Thursday, August 3, 2017 2:51 PM GMT

Boe’s MPC voted 6 to 2 to leave interest rates unchanged more than 5 to 3 vote at the previous meeting. In addition, they didn’t change the Asset Purchase Target £435 billion. This pushed Pound aggressively lower against dollar. The pair is creating a potential bearish rising wedge. Price is currently heading to a major support zone with a big confluence of plenty of technical indications. The bearish pattern will be activated if we have a downward break out and it will give a measured target around 1.29 (daily chart). Going to the hourly timeframe, we can see the technical confluence zone with the 200 SMA, lower side of the wedge and the price structure on the left. This is where the bulls and bears will give their battle for maintaining or changing the bullish market bias.


Daily (Zoom out)

Daily (Zoom in)

Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.