If this remains in the wedge we should see another touch of resistance from 2016 high. (possible breakout up or down over the next month or 2. If we see a breakdown down from this wedge this week it could lead to further downside long term in the pair which could set new lows for this year.
Possible H&S pattern forming, could see retest of 2015 low trend line, or further downside in continuation of the downward trend.
GBPUSD could soon break out of its multiyear down trend channel. Keep an eye on this level, if further downside fizzles out and continuation ensues we could see a new trend form.
Looking at price action here over next couple days. If we see support at the fib 0.32 ill look to get long anticipating further upside to at least previous highs. If this breaks down, ill watch the next fib line for support.
Looking for a better price on touch on the rising trend line, however would be willing to go long if we see a break up above congestion without a retest of the trend line. Hoping to see gap from Brexit filled.
Would prefer a better price - ideally on touch of the raising trend line, however this may take off before we get a retest. I would go long if we get a long break above recent congestion. Looking to fill the Brexit gap.