GBP/USD Forecast: 34 Moving Average acting as support

gbp-l3The price is consolidating under the 34 Moving Average. There isn’t any reversal pattern, so we should keep an eye on the 89 MA as the next bullish target. If a pullback from this line arrives little later on, bears will probably try to deliver just another decline.

The 34 Moving Average is acting as support. Also, there’s a bullish “Pennant” pattern, so the pair is likely going to reach the nearest resistance area at 1.3182 – 1.3205 during the day. If we see a pullback from these levels afterwards, there’ll be a moment to have a downward price movement.





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