The Moving Averages have acted as resistance, so there’s a “Double Top” pattern, which led to the current consolidation. It’s likely that the pair is going to achieve the closest support at 1.3081 – 1.3026 during the day. If a pullback from these levels happens little later on, we could have a bullish price movement towards the next resistance at 1.3227 – 1.3258.
There’s a bearish “Pennant”, so the price is likely going to reach the nearest support at 1.3080 – 1.3073 during the day. If we have a pullback from this area, we should keep an eye on the next resistance at 1.3150 – 1.3169 as an intraday target.
GBP/USD H4
GBP/USD H1
