GBP / USD technical outlook
- GBP / USD horizontal trading leaves traders waiting
- We are looking for some kind of solution soon
GBP / USD technical forecast: awaiting lateral grinding solution
Cable is currently grinding sideways, leaving short-term traders little to rely on. This may change soon, but it is not yet clear in which direction and to what extent. At the moment, there is hesitation to make it too big, because it is August, and in the absence of large catalyst markets, it may remain silent.
A 4-hour chart can provide a decent small wedge scenario that includes a day or two of more narrowed price activity. The descending wedge below the meaningful resistance around the 14,000 lines may mean that greater weakness awaits us.
Currently on standby, but short-term trading may approach as the wedge can continue and confidently launch.
GBP / USD 4-hour chart
GBP / USD daily schedule
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– Written by market analyst Paul Robinson
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