GBP/USD - Descending wedge - trade rangebound until break.

Co-coinciding with last weeks candles all failing to break descending resistance at top of wedge as expected and after the bearish open and close below 12 day EMA came a close below the 34 day set on close. This is the bottom average on this m.a tunnel set up and is another bearish indicator suggesting more downside.

I'd suggest a temporary reprieve at 61.8% fib expansion set on previous swing highs and lows at around 1.51681 which ties in with September lows. A visit to descending support at bottom of wedge will inevitably happen moving forward.

Trade chiuso: obiettivo raggiunto:

The rapid and extended move here led me close short trades as it headed past second fib expansion target and towards descending support. I've published a new chart on my home page with updated ideas. I've slightly tweaked the descending resistance of the wedge now we have more available price data. As you can see if you load more bars on this original idea, the price moved slightly above where I had plotted resistance. This has now been adjusted slightly.