GBP/USD Technical Analysis: Cable trapped in a wedge pattern

GBP/USD daily chart

• GBP/USD is consolidating below 1.3100 and the 50-day simple moving average (SMA). 

GBP/USD 4-hour chart

• GBP/USD is trapped in a wedge pattern. 

GBP/USD 30-minute chart

• As mentioned yesterday, the market found some support at the 1.3040 level.  
• The market might remain in range between 1.3040 and 1.3080 in the New York session.
• Bulls need a break of 1.3080 to reach 1.3120 level while bears need to break below 1.3040 to reach 1.3000 the figure.

Additional key levels