GBP/USD Bounce, Roll-Over Possible
Forex4you | May 31, 2012 07:12AM ET
The GBP/USD pair has found resistance from a long-term support line on the weekly chart which forms the lower border of a rising wedge pattern, which has been unfolding since the 2009 lows. It would be expected to bounce from here with the next upside target at 1.5570. Although the move down so far has been ferocious and although the wedge has completed 5 waves, there is a possibility the bounce will roll over soon and break out from the pattern, with a longer term target at the old 1.35 lows. A breach of 1.5200 would provide strong confirmation such a move was beginning.
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