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🔎Current status

GBP/USD is retesting the upper boundary of the red descending wedge, coinciding with a strong resistance area that has depressed prices many times before.

📍Where are we now?

Price is moving in a bearish pattern and the current intersection of resistance and the upper border of the wedge makes this area very sensitive to monitor.

📉 Preferred scene

As long as the resistance level and falling wedge hold:
🔴We will look for selling opportunities following the trend (trend following shorts)

🎯 You can target the lower boundary and lower support area of ​​the wedge.

❌ If it breaks out and stabilizes above the resistance, we may see a positive turn and exit the bearish pattern.

Can sellers successfully defend this area again? 🤔

⚠️Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Trading involves risks and money management must be observed.

Tickmill – Precision Trading ~

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