GBPUSD is testing the wedge downside resistance
GBPUSD is in the rising wedge and is testing the downside resistance 1.2850. A close above 1.3200 is required for the upside continuation and extension higher to a new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 1.2800. A break below this level would lead to a deep pullback to 1.2200. The overall long-term is a downtrend and we need to see a break below 1.2200 for an extension lower.
Note – We are inclined more to short trade entries upon a break below 1.2800
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