GBPUSD Breaks Down From Ascending Wedge


The British pound sterling is extending declines after losing the support from the trendline of the ascending wedge pattern.

With price action now clearing the ascending wedge pattern, further downside is likely.

As the Stochastics oscillator is now near the oversold level, we could expect to see a rebound in the near term. This could see a short term retracement back to the breakout level once again.

To the downside, price action is likely to find support near the Jan 26 swing lows of 1.3610. A break down below this level will confirm further declines to the 1.3500 level of support.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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