03 Feb

GBPUSD Breaks Down From Ascending Wedge

February 3, 2021

By Orbex

gbpusd

The British pound sterling is extending declines after losing the support from the trendline of the ascending wedge pattern.

With price action now clearing the ascending wedge pattern, further downside is likely.

As the Stochastics oscillator is now near the oversold level, we could expect to see a rebound in the near term. This could see a short term retracement back to the breakout level once again.

To the downside, price action is likely to find support near the Jan 26 swing lows of 1.3610. A break down below this level will confirm further declines to the 1.3500 level of support.

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