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21.10.201916:02 Forex Analysis & Reviews: GBP/USD 10.21.2019 - Watch for potential break of the rising wedge pattern

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To open long positions on GBP/USD you need:

At the moment, the task of the bulls is to break the resistance at 1.2997, above which we can expect continued growth towards 1.3173, where I recommend taking profits. Even after the Brexit vote, the GBP remained inside of the channel, which is indication of the indecision of investors.

To open short positions on Gold you need:

You will need the breakout of the support at the price of 1.2870. The first goal will be to return to support at 1.2790. However, a more important task will be updating the low of 1.2700-1.2540, where I recommend profit taking.

Signals of indicators:

MACD – Momentum is very slowing down even the price is trying to go higher, which might be first indication of the potential sell off.

Bollinger bands: The upper boundary of the indicator in the area of 1.3000 will act as resistance.

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