The last ‘V-Bottom’ led to the current upward price movement. The main intraday target is the next resistance at 1.3189 – 1.3216. If a pullback from these levels happens next, we’re going to have a bearish correction towards the closest support at 1.3101 – 1.3082.
All the Moving Averages have been broken, so the price is consolidating. It’s likely that the market is going to reach the nearest resistance at 1.3189 – 1.3216. Meanwhile, if we see a pullback from this area little later on, bears will probably try to achieve the 55 Moving Average.
GBP/USD H4
GBP/USD H1
