GBP/USD in a Wedge Breakout Signaling Bearish Continuation

by admin on Wednesday, July 6th, 2011 | No Comments

GBP/USD – The rising wedge had a wave (e) failure before falling below the wedge support. – Price action attempted cleared out the 1.61 resistance before the market rejected the rally attempt. – GBP/USD remains bearish as the RSI reading in the 4H chart failed to sustain the break above 60. With the RSI breaking back below 40, and heading towards 30, bearish momentum is being re-established. – The daily chart shows the breaking below the 200SMA after breaking below a projected support. There