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19 Feb 2020
GBP/USD: Potential falling wedge – Commerzbank
Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, thinks if the cable closes above 1.3093 a falling wedge pattern will be confirmed.
Key quotes
“GBP/USD continues to be thwarted by the 55 day ma at 1.3065 and then the short term downtrend at 1.3093.”
“The overall pattern looks like a potential falling wedge (or continuation pattern) BUT this will only be confirmed by a close above the short term downtrend. This would confirm the move higher to initially 1.3285 and the 2015-2020 resistance line at 1.3412.”