Daily Forex Update: GBP/USD
By: Dima Chernovolov
GBP/USD recently broke the daily Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and lower Clarity (2 bars). GBP/USD is expected to rise further toward the forecast price 1.3524 – in line with the earlier upward reversal from the key support zone shown below.
As can be seen from the daily GBP/USD chart below, the price earlier reversed up from the support zone lying between the long-term support level 1.3040 (which also reversed the price in October and November of 2017) and the lower daily Bollinger Band. This proximity of this support zone increases the probability GBP/USD will continue to rise toward the forecast price 1.3524.
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