This will obviously be more of a longer term trade being that the set up is on the daily chart and is actually best seen on the weekly chart, but with that being said I think this set up holds a lot of potential. The GBPUSD pair seems to be forming a textbook definition of an ascending wedge with the lower trend line of the wedge having a stronger slope than the upper one. An ascending wedge pattern generally signals consolidation following a down trending market. On a break-out of the wedge the market is likely to move south, continue the down trend, and potentially form new lows. With that being said, over the next few weeks/months I think that this pair can see at least a re-test of the structure low of around 1.45750 if we see a break-out of the wedge.
