GBP/USD: Bearish Bias Intact

The Bearish Wedge in GBP/USD keeps the long-term “Double Top” the big risk for the pair.

GBP/USD Daily Chart

A big rejection of the descending and bearish wedge trend line (and 50dma) will keep the bearish bias intact as a possible double top continues to set up a longer term with the pair.

In addition, the rejection of the 38% retracement at the 1.2119 level also weighs on the pair, enhancing the bearish case for the pair. A move below the 200dma would be near-term very bearish.

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