FX.co ★ GBPUSD remains inside wedge pattern boundaries.

GBPUSD remains in a bearish trend making lower lows and lower highs. As we mentioned in previous posts, price was forming a wedge pattern. Price today is challenging the upper wedge boundary and breaking above it would be a bullish sign.

green line- bullish RSI divergence

Although technically bears remain in control of the trend, if bulls manage to push price above 1.31, then we will get our first bullish signal. Combined with the bullish RSI divergence, we should then expect price to move higher towards the beginning of the wedge pattern around 1.34. Until then bears remain in control of the trend.