The pair has a downward trend, which faced a support at 1.3878 and the price started a correction afterwards. There’s a “Flag” pattern, so it’s likely to see a downward movement to a support area between the levels 1.3834 – 1.3681 until we’ve got any bullish reversal pattern. If so, the market might start rising towards a resistance area at 1.3931 – 1.3958.
There’s a local downward trend on the one-hour chart. The price found a support at 1.3878 and a “Double Bottom” pattern has been formed. Moreover, here’s a “Pennant” pattern as well. It’s likely that the pair will go higher to a resistance area between the levels 1.3958 – 1.4026. However, the price might go to a new downward movement afterwards to a support area under the level 1.3824.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
