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.

Click here to get instant access to the same charts I use for trading price action.

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

Leave a Comment:

26 comments
dawood says

gbpusd also a support level 1.2700

Reply
    clement says

    guys simple words, do we buy or sell?

    Reply
      sagitario says

      you make the decision!!

      Reply
      Natig says

      Sell

      Reply
      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

      Reply
        David Nwosisi says

        I mean not buying nor selling at the moment

        Reply
Vosemen says

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

Reply
kenneth says

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

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Victor Setu says

Great analysis. Thanks champ

Reply
    Justin Bennett says

    It’s my pleasure, Victor.

    Reply
alex says

thanks justin

Reply
    Justin Bennett says

    You’re welcome, Alex.

    Reply
fawaz bamakrait says

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

THANKS

Reply
Sharon says

Everything you’ve said is good and great thanks Justin

Reply
    Justin Bennett says

    You’re welcome.

    Reply
sadiq says

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

Reply
    Justin Bennett says

    I comment on opportunities as I see them.

    Reply
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.

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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

Reply
    Justin Bennett says

    Correct, which is what I wrote above.

    Reply
mike says

weldone justin.

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Esau Boikanyo says

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

Reply
    Kybz says

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

    Reply
    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!

    Reply
Dee says

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

Reply
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