10 Aug 2016



The rate has been drifting lower and now has reached the point of imminent breakout.

With the rate trading at the falling channel's support and the consolidation falling wedge pattern I believe the rate may be heading up to test the channel's upper boundary and the medium term falling trendline resistance cross-point around 1.8350.

Remember that this pair usually moves very fast so after a breakout it is likely to reach the target in only couple of sessions.

Also as this is a counter trend move and the GBP is currently under a lot of pressure because of economic turmoil after Brexit and the recent BOE rate cut, make sure you use appropriate risk management and reduce position sizes when entering.

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