The price has been moving in a range since the downward trend line was broken. We’ve got a “V-Bottom” pattern above a support at 1.3995, which led to the current flat. The pair is likely going to get a resistance at 1.4170 – 1.4194. If a pullback from this area arrives, then bears will have an opportunity to return to the market. So, we should cast wary eye at a support at 1.4052 – 1.3995.
There’s a flat in progress, which led to break the local downtrend line. The 55 Moving Average acts as a resistance, so the market is likely going to rise towards a resistance at 1.4170 – 1.4190. If we see a pullback from this area, then bears will have a chance to achieve a support at 1.4081 – 1.4056.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
