GBPUSD: Watching closely

GBPUSD, Daily

In the Daily timeframe, GBPUSD formed a rising wedge pattern, and the price fell towards the lower trendline, crossing MA50. The Chaikin also fell below 0, but the %R indicates a major oversold pattern.

A trendline break below 1.3430 will drop the price to 1.3250;

A bounce off the trendline will take GBPUSD back to 1.3600 and further to 1.3750.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt