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GBPUSD : Will it Reverse the Current Downtrend to Uptrend ?

GBPUSD : 4 Hour Chart

GBPUSD is testing the resistance at 1.6113 which was earlier acting as support for the pair. Also there is a rising support trend line which is preventing the pair in declining below it. The pair seems supported for short term as the it remained steady even after the release of missed Manufacturing Production data. The official data showed that the manufacturing production rose by .1% in August missing the economist’s estimate for an increase by .2% after an increase of .3% in July. It should break above the resistance at 1.6113 until it find another resistance from the falling resistance trend line. So overall the pair is consolidating within a symmetrical triangle trend now.

GBPUSD : Daily Chart 

 Now on the daily chart, the pair now seems like has started following a falling wedge pattern. The pair may post some gains until it find resistance from the falling resistance trend line. So the gains are limited. However the falling wedge pattern gives a bullish signal, we might see the pair surging above the resistance trend line once it reaches the apex of the wedge.