The market was correcting last Friday. Previously, bulls faced a resistance at 1.4444 and a “V-Top” pattern arrived afterwards. Anyway, it seems like we’ve got a local upward trend here, so the current downward correction is going to end somewhere in the support zone at 1.4343 – 1.4305. If we see a pullback from this area, the rise might resume towards a resistance at 1.4515.
A “Pennant” on the one-hour chart was ended by the extremely fast upward movement. Finally, the price faced a resistance at 1.4444, which led to the current downward correction. It’s likely that bears have enough power to reach a support at 1.4316. If they be stopped by this level, there will be an opportunity for bulls to achieve a resistance at 1.4515.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
