Wednesday, December 10, 2014

Bearish Channel on the GBP/USD daily chart

The Pound has found a good resistance around the 1.5700 level versus the Dollar, but it has actually stayed consolidated between the 1.5600 and the 1.5700. On the Daily chart we can see that the price has formed a bearish channel or a “falling wedge” pattern; both are formations with bullish implications, because if the upper trend line of the channel is broken to the upside, then the price may accelerate in that direction. A change in trend or direction is possible.


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