empty
23.03.2023 07:39 PM
GBP/USD: rising wedge in progress

The GBP/USD pair registered a strong leg higher in the short term and now is trading at 1.2314 at the time of writing. Now, it stands right below important upside obstacles. After its amazing rally, we cannot exclude a temporary drop. Still, the DXY remains under downside pressure after the FOMC.

Today, the BOE increased the Federal Funds Rate by 25 bps as expected. On the other hand, the US Current Account and Unemployment Claims came in better than expected, while New Home Sales came in worse than expected.

Tomorrow, the UK Flash Services PMI is expected at 53.1 points versus 53.5 points expected, while Flash Manufacturing PMI could increase from 49.3 to 49.8 points. On the other hand, the US Flash Manufacturing PMI could remain in the contraction territory at 47.0, while Flash Services PMI is expected at 50.3 points below 50.6 points in the previous reporting period.

GBP/USD Potential Range!

This image is no longer relevant

Technically, the price action developed a potential Rising Wedge formation which is seen as a downside reversal pattern. The rate tested and retested the upside line and the R2 (1.2320) and registered only false breakouts.

The uptrend line, 1.2260, and the weekly R1 (1.2250) represent downside obstacles and targets.

GBP/USD Forecast!

A valid breakout above 1.2343 activates further growth. This is seen as a buying signal.

Taking out the uptrend line and making a new lower low activates a downside movement. Confirming the Rising Wedge pattern should bring good short opportunities.

Ralph Shedler,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2025
समय सीमा चुनें
5
मिनट
15
मिनट
30
मिनट
1
घंटा
4
घंटे
1
दिन
1
सप्ताह
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.