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GBP/USD 12.30.2019 - Rising wedge pattern in creation, watch for selling opportunities

GBP/USD has been trading upwards most recently but I found the rising wedge pattern in creation and potential for further downside. I do expect downside movement and test of 1.3063 and 1.3016. Watch for selling opportunities.

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MACD oscillator is showing 3 pushes up and bearish divergence, which is another sign of the exhaustion from buyers.

Downward slopping line – Expected path

Rising upward lines – Rising wedge pattern

Resistance level is seen at the price of 1.3150

Support levels and downward targets are set at the price of 1.3063 and 1.3016.

The material has been provided by InstaForex Company - www.instaforex.com