GBPUSD Rising wedge
GBPUSD is reaching the long-term falling trendline 1.3000. The rising wedge has been formed and rejection here could lead to a test of the rising wedge support line 1.2600. For downside reversal and higher probability short trade entries, we need to see a break below 1.2900. Pair reached previously 1.3000 in a swing upside from a 1.14000. The overall long-term is a downtrend and a break below 1.2600 will lead to an extended continuation and a test of 1.2000.
Note – We are inclined to short trade entries with a stop loss above 1.3000
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