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GBPUSD: Slowing Bullish Momentum & Bearish Wave

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
VasilyTrader  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Wave Analysis Chart Patterns Forex trading Technical Analysis GBP USD GBPUSD pound dollar brexit
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trendanalysis waveanalysis chartpattern forex trading technicalanalysis gbp usd gbpusd pound dollar brexit
snapshot

hey traders,

after a massive buying reaction last week we see that GBPUSD is slowing down.
rising wedge formation is a very good indicator of weakening momentum.
More the market contracts within the pattern, higher the chances that it will break to the downside.

I am waiting for a bearish breakout of the wedge to short the pair.

Market most likely will set a lower high before the breakout.

Target levels are
1.265
1.255

Stop above the highest point of the wedge
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