GBPUSD: Moment of Truth

GBPUSD, Daily

In the Daily timeframe, GBPUSD formed an expanding wedge pattern, and the price reached the upper boundary. At the same time, the price reached the high of 2024, and the %R indicates a major overbought pattern. Also, a divergence has formed on the RSI, indicating a possible correction to the lower trend line.

• Consolidation above 1.3420 will open the way to 1.3670;

• A rebound from the trend line will start the correction to 1.3250 and further to 1.3100;