GBPUSD Market Outlook-18 Feb 2018
GBPUSD was in downtrend since 25 January. This might be considered as the corrective phase after the formation of 5-0 bullish pattern. One interesting finding is that GBPUSD was bounced off at the bottom of the rising wedge pattern whereas EURUSD was bounced off at the top of the rising wedge pattern. Typically EURUSD and GBPUSD are correlated positively. We are seeing some decoupling effect last week. We believe that the bottom of the rising wedge will act as an important support for GBPUSD in the future. So closely watch out for your trading.