There’s a “Triple Bottom” pattern, which has been confirmed. Despite of a resistance at 1.4172, it’s likely that the upward movement will go on towards a resistance area near the downward channel. Only if we see a pullback from trend’s upper side, the price might start to decline towards a support area between the levels 1.4148 – 1.4078.
As we can see on the one-hour chart, here’s an upward correction in progress. The price reached a resistance at 1.4167 and started a consolidation afterwards. It’s likely that the market will go higher to the lower side of resistance area at 1.4305. Meanwhile, bears might come back and try to catch the pair on the support area between the levels 1.4152 – 1.4106.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
