GBP/SGD is trapped within a reversal pattern in the short term. The corrective phase could end if the pair escapes from the chart pattern.
GBP is strongly bullish in the short term and it could take full control. The pair was into a corrective phase, but it has failed to confirm a broader drop.
Technical Analysis!
The pair has decreased a little in the short term after failing to stabilize above the downtrend line, Falling Wedge’s resistance. It has come back down to test and retest the support area and now it looks ready to jump higher.
Its failure to approach and reach the weekly S1 (1.8320) could send the rate above the weekly pivot (1.8468). A valid upside breakout from the current pattern signals a strong swing higher ahead.
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