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GBPUSD : Upside Seems Limited

Pound is trading near one month high steadily against US dollar after the trade balance data showed that the U.K. trade deficit narrowed to 9.09 billion pound which economists were expecting to come down to 9.20 billion pound. The international monetary fund also upgraded the growth forecast for U.K. this year from 2.5% in January to 2.9% in 2014. 

However Dollar remained under pressure after the missed payroll data which was released on Friday. On the hourly chart of GBPUSD the pair was following sideways pattern after a significant surge yesterday. It was testing the resistance at 1.6753 and just broke this resistance to move in upward direction however the upside seems limited as we can see a rising wedge according to which the pair seems bearish. It might find resistance from the resistance trend line of the wedge and may fall below the support trend line.