We turn our attention back to the majors today with another look at GBP/USD.

The majors haven’t been doing a whole lot for a while now, highlighted by the Cable charts in this post, clearly stuck in higher time frame ranges.

You can see the daily range on GBP/USD in the chart below:

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GBP/USD Daily:

Zooming into any of the intraday charts, you can see that price is coiling into a wedge pattern:

GBP/USD 4 Hourly:

Seeing as though price is right smack bang in the middle of the daily range, the direction on which to trade this pattern isn’t clear. Do you view it as a continuation pattern because price has rallied off support and this is merely a pause before a further push higher, or do you take the view that it is simply a turn as we get closer to the top of the range?

Price is very much in an area of indecision at the moment. Keep that in mind if you’re taking a Cable position to end the week.

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