fxstreet.com (Barcelona) – After bouncing at 1.6415 and testing the 1.6500 level, GBP/USD has been rejected by the 1.6525 level to break the MA200 and MA55 ...
The FastBrokers Research Team comments: “Technically speaking, the Cable’s inability to test 10/23 highs has dragged the currency pair into a wedge pattern. Fortunately for bulls, the Cable is finding some strength above 1.65, meaning the psychological level could work in the GBP/USD’s favor. Furthermore, the Cable as multiple uptrend lines to rely upon. On the other hand, there’s still a medium-term downtrend at work, meaning the Cable has its work cut out for it to the topside.”