GBP/USD: Potential falling wedge – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, thinks if  the cable closes above 1.3093 a falling wedge pattern will be confirmed. 

Key quotes

“GBP/USD continues to be thwarted by the 55 day ma at 1.3065 and then the short term downtrend at 1.3093.”

“The overall pattern looks like a potential falling wedge (or continuation pattern) BUT this will only be confirmed by a close above the short term downtrend. This would confirm the move higher to initially 1.3285 and the 2015-2020 resistance line at 1.3412.”