Currently, GBP/USD is trading at 1.2324. From the last week, this pair is consolidating in the resistance and support wedges . Its resistance and support levels are at 1.2481 and 1.2162. If it breaks the level of support at 1.2162, it may enter into a downtrend and then the target price will be at 1.1646.
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Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.