We’ve got a “V-Bottom” pattern, which led to the current upward movement. Also, the price found a resistance at 1.3226, but bulls are likely going to reach the next resistance at 1.3336. At the same time, if a pullback from this level happens afterwards, bears will probably try to approach a support at 1.3116 – 1.3015.
There’s a “Triple Bottom”, which brought bulls into the market. The price faced a resistance at 1.3273, so the we’ve got a local consolidation. Therefore, the market is likely going to rise towards a resistance at 1.3273 – 1.3313 in the short term. If a pullback from here arrives, there’ll be an opportunity to see the price lower, so we should keep an eye on a support at 1.3015 – 1.2970 as a possible next bearish target.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
