Pending Short GBP/USD - Rising Wedge within Rising Channel
When price is at the middle channel line like it is right now, it's often tricky to trade because it's literally a 50/50 chance that price can go up or down.
However, there's a short term rising wedge as well based on April's price action. Thus, the odds are favoring a short term drop, so taking a short position in the near future wouldn't be bad move.
Consider exiting if price closes above the middle channel line (or above 1.69)
Target the lower channel line (around 1.67)
However, there's a short term rising wedge as well based on April's price action. Thus, the odds are favoring a short term drop, so taking a short position in the near future wouldn't be bad move.
Consider exiting if price closes above the middle channel line (or above 1.69)
Target the lower channel line (around 1.67)
