The Moving Averages have acted as resistance, so the price is consolidating. Nevertheless, the market is likely going to reach another resistance at 1.3290 – 1.3336 in the short term. If a pullback from this area happens, we could have a decline.
The last “Double Bottom” pattern led to the current bullish price movement. However, bulls faced with resistance at 1.3221, so we could have a local bearish correction towards the nearest support at 1.3182 – 1.3169. This area could be a departure point for another upward price movement.
GBP/USD H4
GBP/USD H1
