Coming into February, GBP/USD had built in to a very clear rising wedge formation, with resistance holding at a key spot on the chart. With USD-strength continuing to hold, and with GBP/USD bulls thwarted at confluent resistance for more than a couple of weeks, it looked as though GBP/USD might soon turn-lower, as rising wedges are often approached with the aim of bearish reversals.
But last week saw a strong bullish response as GBP/USD price action flew through that resistance; and that continued to run into this week as the pair made a fast march towards the psychological 1.4000 handle.
