The GBPJPY is working a double bottom formation as the pair held the dip to 126.60.
The GBPUSD (Cable) has broken above the neckline of an inverted H&S formation on the 4h chart, following the positive statements form Merkel regarding a Brexit deal.
The GBPCAD came within striking distance of the 161% Fibonacci extension of the summer 2018 lows to 2019 highs.
A few days ago the GBPNZD came out of the downtrend, and we have successfully retested the channel breakout point at the 1.8700 level.
By definition, the descending wedge is an eventual reversal pattern. In this pair, we have made a pivot near the lows from 2019 at 1.2400 and have reversed higher.
Although the GBPUSD went as low as 1.2580 today the fact that we are holding above the 1.2600 level tells us how important this level of support is for the end of the week.
The GBPJPY is moving lower within a descending wedge as we surpass the 127% extension of the Feb lows to March highs.
The GBPJPY (aka the Guppy) is closing in on some key support at the 127% Fibonacci extension of the February lows to highs and the 261% extension of the last rally at the 138.90-139.40 level.