Sasha Singh
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GBPUSD: Falling Wedge giving bullish signal

On the hourly chart of GBPUSD, a falling wedge is giving a bullish signal. The pair will continue to consolidate between the lines of the falling wedge until it reaches the apex and then should break the resistance trend line and reverse the downtrend. Another reason which might be causing this downfall in pound against Dollar is the geopolitical tensions between Russia and Ukraine increasing the demand for Dollar. On the stochastic oscillator we can see that the signal line is below the moving average line showing upward movement of the pair. Reports coming out for US at 8:30 AM EST which might drive the further movement of GBPUSD are Core Durable goods Orders, Unemployment Claims and Yellen Testimony.