EUR/USD Falling Wedge and GBP/USD Bear Impulse

October 9, 2017

By Admiral Markets

The EUR/USD is building a falling wedge reversal chart pattern at the 23.6% Fib support at 1.17 and offers both a breakout and bounce setup. The GBP/USD bearish momentum was strong but price is now building a correction. The bullish retracement could be pullback of a larger downtrend and price could face resistance at the 38.2-50% Fib around 1.3125-1.3150.

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Many green pips,

Chris Svorcik

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Article by Admiral Markets

Source: EUR/USD Falling Wedge and GBP/USD Bear Impulse

Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

 

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