The price has found a support on the 34 Moving Average, which led to form a “V-Bottom” pattern. Therefore, the market is likely going to achieve a resistance at 1.4576. If bulls run out of steam on this levels, there’ll be an opportunity to see a decline towards a support at 1.4425.
There was a flat between a resistance at 1.4669 and a support at 1.4545, which finally has been ended by dramatically fast bearish movement. However, a “V-Bottom” was formed afterwards, so we’ve got a local upward correction in progress. So, the market is likely going to test a resistance at 1.4545 – 1.4559. If a pullback from these levels happens, bears will probably return to the market.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
