GBPUSD (1.3023): The British pound attempted to rally above 1.3025,but the gains were capped. GBPUSD posted a session high to 1.3083 before giving up the gains to settle rather flat. Price action could be seen pushing lower as a result, off the current resistance level. The rising wedge pattern signals a move to the downside with 1.2656 staying in focus. On the 4-hour chart, yesterday’s rally has led to a lower high being formed. This suggests that the downside momentum could gather pace. Watch for a daily close below 1.3025 following which, GBPUSD could be ready for a move to the downside.
