There’s a “Triple Top” pattern, so the market has plunged. However, bears faced with support at 1.3047 – 1.3032, so the price is consolidating. It’s likely that the pair is going to rise in the short term. The main intraday target is the next resistance at 1.3081 – 1.3120. This area could be a departure point for a decline.
All the Moving Averages have been broken. If a pullback from the closest resistance at 1.3190 happens, there’ll be an opportunity to have a downward price movement. In this case, we should keep an eye on the next support at 1.3026 – 1.2994 as the next bearish target.
GBP/USD H4
GBP/USD H1
