The pair was rising yesterday and finally a resistance was found on the 89 Moving Average line, which led to a bearish consolidation. So, the current downward correction is likely going to continue towards a support at 1.4193. If bulls finds a foothold here, the market might resume rising towards a resistance area between the levels 1.4305 – 1.4343.
There’s a “Double Bottom” pattern on the one-hour chart. The price is consolidating between the level 1.4234 and the upper side of downward trend. It’s likely that bears is going to reach a support at 1.4193, but then bulls might try to come back and achieve a resistance at 1.4305 – 1.4347.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
