Bulls faced a resistance at 1.3119, so we’ve got a “Double Top” pattern. Under this circumstances, the price is likely going to get a support at 1.2954 – 1.2877. Nevertheless, buyers will probably try to move on afterwards, so it’s likely to see an achievement of the 55 Moving Average soon.
We’ve got a “Double Top” under the nearest resistance at 1.3101. So, there’s a consolidation in a form of a “Flag” along a level at 1.3017. In this case, the market is likely going to reach a support at 1.2945 – 1.2906. If bears be stopped here, there’ll be an opportunity to have another upward movement in the direction of a resistance at 1.3056 – 1.3071.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
