Since approximately 24th February, GBPUSD
has been mirroring AUDUSD
in a descending wedge
has recently broken the resistance of this wedge
and with a retest, could show strong signs of a bullish
move... could GBPUSD
be doing the same? If the 1.386 level (see red circle) holds, where short-term support may exist, expect a move higher and break of the wedge
. If this short-term TL does not hold, expect a further move to the downside as happened on two previous occasions (5th & 27th February).