Blake Morrow’s Chart of The Day – GBPUSD
GBPUSD
The Bearish Wedge keeps the long term “Double Top” the big risk for the pair.
A big rejection of the descending and bearish wedge trend line (and 50dma) will keep the bearish bias in tact as a possible double top continues to setup longer term with the pair. In addition, the rejection of the 38% retracement at the 1.2119 level also weighs on the pair, enhancing the bearish case for the pair. A move below the 200dma would be near term very bearish.
Blake Morrow
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