There’s a local “V-Top”, which led to a decline towards to the 89 Moving Average line. It’s likely that the current downward movement is going to be deeper. If bears be stopped by the support at 1.4234 – 1.4193, then bulls will have a chance to reach a resistance area between the levels 1.4393 – 1.4444.
The price has faced a resistance at 1.4444 and a “V-Top” pattern arrived afterwards. So, currently we have a decline in progress. The 89 Moving Average line acts as a support. It’s likely that the downward movement is going to reach a support area between the levels 1.4234 – 1.4210. If we see a pullback from this area, then bulls will probably return to the market. In this case we should keep in mind the important levels 1.4371 – 1.4393, which can act as a resistance.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
