Daily Price Action
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GBPUSD Challenges Wedge Resistance at 1.2800

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GBPUSD has been trending lower since April 2018.

At the January 3rd flash crash low, the pair was down nearly 2,000 pips from the April 2018 high.

There’s no doubting the fact that sellers have been in control.

However, there is a pattern that GBPUSD bears shouldn’t ignore.

GBPUSD falling wedge on the daily chart

Similar to EURUSD, the pound has carved what appears to be a falling wedge pattern. If the pair can close above resistance, GBPUSD could see further gains.

The “daily close” refers to the New York 5 pm EST close.

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At the moment, that trend line comes in near 1.2800. A daily close above it would expose 1.2880 followed by the 1.3050/70 resistance area.

Alternatively, bearish price action from the 1.2800 area could send GBPUSD back to 1.2700.

I’m neither bullish nor bearish GBPUSD at the moment.

But if I look at the price action since April of last year, I wouldn’t be at all surprised to see the pair advance toward the 1.3050/70 area.

Keep in mind that Brexit will remain front and center for some time. As such, you should expect volatility both ways for weeks and months to come.

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GBPUSD falling wedge pattern

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.

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  • dawood says:

    gbpusd also a support level 1.2700

    • clement says:

      guys simple words, do we buy or sell?

      • sagitario says:

        you make the decision!!

      • Natig says:

        Sell

      • David Nwosisi says:

        He said he is either buying or selling at the moment. But volatility is bound to happen as from next week within identified TLs

        • David Nwosisi says:

          I mean not buying nor selling at the moment

  • Vosemen says:

    Hello Justin, there is also a rising wedge pattern on USDCHF weekly chart. It would be nice you comment on it.

  • kenneth says:

    Thanks for the good work. May the good Lord bless you…

  • Victor Setu says:

    Great analysis. Thanks champ

  • alex says:

    thanks justin

  • fawaz bamakrait says:

    GOOD MORNING JUSTIN.
    WHAT’S GOOD FOR THE GBP’S .EXIT OR STAY ?
    I WOULD LOVE TO HAVE AN ANSWER.

    THANKS

  • Sharon says:

    Everything you’ve said is good and great thanks Justin

  • sadiq says:

    hi! justin good job .pls why are you nt comenting on commodity or index? or is that done on the membership area?

  • Oladimeji says:

    Nice one boss…please correct me if am wrong,I think there is a possible head&shoulder forming on 4hours/daily time frame of EURCAD…please kindly help us with insight thanks.

  • Nathaniel caleb says:

    According to the way I personally read price action a falling wedge in a downtrend to support is a possibility of a bullish signal

  • mike says:

    weldone justin.

  • Esau Boikanyo says:

    I started trading recently but I am only focucing on 15 min chart

    • Kybz says:

      The higher the tf the lesser the noise. You will understand as time goes by.

    • Michael MOTAU says:

      I advise you to focus on Daily TF and above to see the bigger (…and the more real) picture and to reduce noises!

  • Dee says:

    Mr justine I sold gbpusd at 1.29241 and its going wonderful…
    I cant wait to be in your group sir

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