The price has found a support on the 89 Moving Average, which led to form a “V-Bottom”, so we’ve got a local upward correction. The market is likely going to reach a resistance at 1.4545 – 1 .4576 in the short term. However, if we see a pullback from this area, bears will probably try to return into the market.
The last decline was stopped near the upper side on the nearest support area at 1.4460. So, there’s a “V-Bottom” pattern, which brought the current upward correction. Therefore, the market is likely going to reach a resistance at 1.4529 – 1.4545. If a pullback from these levels happens, a downward movement becomes possible.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
