GBPUSD Breaks Above Descending Wedge Resistance on Weekly Chart

The GBPUSD has made some strong gains off the sub 1.5 level or so several weeks back, and has solidly broken above a descending wedge resistance line on the weekly chart. The weekly RSI, Stochastics and MACD are all fairly bullish, with a positive crossover occurring on the weekly MACD. As shorter timeframe charts reveal a bit of fatigue and consolidation ahead of the news from the EU/Greece meetings, caution is warranted today. Longer term, one can see that after any shorter term pullback, the GBPUSD will likely target downchannel resistance coinciding roughly with the 1.56 range.

For my multiple timeframe analysis on GBPUSD, feel free to visit: tradablepatterns.com/tag/gbpusd/

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