There’s a “Triangle”, which has been broken by the last bullish rally. The price faced a resistance at 1.4695 – 1.4758 afterwards, so we’ve got a flat in progress. Therefore, the market is likely going to get a resistance at the nearest trend line. If a pullback from this line happens, there’ll be an opportunity to see a decline towards a support at 1.4670 – 1.4638.
The price has found a resistance at 1.4739, which led to the current flat. Also, there’s a possible “Pennant”, so the pair is likely going to rise towards a resistance at 1.4768 – 1.4785. Considering a possible pullback from this area, bears will probably try to achieve a support at 1.4728 – 1.4695 subsequently.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
