GBPUSD: Expanding Wedge

GBPUSD, H4

On the H4, GBPUSD, in a long-term bullish trend, has formed an expanding wedge pattern. The price has fallen to a critical support area, which creates two movement options.

• If the bears push the price below the 1.2780 support, it will fall towards the lower trendline to 1.2700;

• However, in case of a bounce from support, GBPUSD will recover to 1.2860;