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The pound breaks above its descending wedge

GBPUSD News by Simon Kazinsky on 09:22 March 09, 2017 EST

After two weeks of continuous weakness the British currency gives some signs of strength and breaks the upper trendline of the descending wedge that has formed on the chart this month.

Reversals after a wedge forms tend to be quite aggressive. GBPUSD is trying now to regain the 1.22 handle.