GBPUSD Analysis by @moneyandcharts

The Dollar Index (DXY) formed a falling wedge, a bullish pattern, but a breakout attempt failed and was rejected by the resistance trendline and the 20-day simple moving average. A bearish engulfing candlestick formed. Since then, DXY has fallen below the support trendline. The rising wedge in the Eurodollar was invalidated when price action broke above the resistance trendline. Sterling dollar completed a rising wedge bearish pattern on June 17, but price action broke above the resistance trendline. Dollar Swiss, in which a double bottom was identified, also failed to complete its bullish pattern, with the decline below the last low of 0.8056 invalidating the pattern. The potential head and shoulders top in IBM was invalidated via a rally above the last high of 265.72.