GBP/USD Price Analysis: Prints rising wedge on hourly chart despite Brexit optimism

GBP/USD stays heavy around 1.3545, down 0.08% intraday, during the initial hour of Tokyo open on Monday. In doing so, the pair portrays a bearish chart pattern on the hourly (1H) formation. While the multiple pullbacks from 1.3619/24 area join normal RSI conditions to suggest further weakness in GBP/USD prices, sellers will wait for the confirmation of the rising wedge before taking entries. As a result, a clear downside break of 1.3525, also piercing off the 200-HMA level of 1.3460 becomes necessary for the GBP/USD bears to cheer. Following that, the previous week’s low near 1.3190 can offer an intermediate halt … (full story)

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