The price was consolidating along a resistance at 1.3339, which ended up by the massive decline. However, bears faced a support at 1.3119, which led to the current local upward movement. So, sellers are likely going to move on. The main intraday target is a support at 1.3015 – 1.2945. Considering a possible pullback from this area, an bullish correction becomes possible later on.
We’ve got a “Triple Top” pattern, which led to the yesterday’s dramatically fast downward price movement. Therefore, it’s likely to see a local bullish correction during the day, because there’s a pullback from the nearest support at 1.3116. At the same time, bears are so strong, which makes possible an achievement of the next support at 1.3071 – 1.3017.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
