GBPUSD has formed a bearish wedge formation as the price continues to rise above 1.25. The moves between tops and bottoms contract. The slightly bullish moves might continue for some time and until the breakout, to the downside, the momentum is still at the side of GBP.
However, the bearish wedge, as its name suggests a very bearish formation. With that, MACD is also showing divergence. The higher tops in the main chart and lower tops for the MACD are sounding the alarm bells. For today, one final top might be formed before testing the formation to the downside. If 1.25 support fails, GBPUSD might feel the pain.
