GBP/USD analysis: Trades within rising wedge

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GBP/USD

Yesterday, the GBP/USD exchange rate revealed the upper wedge pattern. During Thursday morning, the rate was trading in the 1.1900 area.

From the theoretical point of view, it is likely that the currency pair could continue to trade within the given pattern. In this case the pair could reach the 1.2000 level.

It is unlikely that a breakout south could occur in the nearest future due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1730/1.1835 area.