The pair has plunged because of the last ‘Pennant’ pattern. At the same time, bears found support at 1.2705, so there’s an opportunity to have an upward correction. In this case, we should keep on track the nearest resistance at 1.2778 – 1.2811 as a possible starting point for another decline.
We’ve got ‘V-Botton’, which hasn’t been confirmed yet. Even so, we’re likely going to have a bullish correction within the next few hours. The main target is the closest resistance at 1.2778 – 1.2811. If a pullback from this area happens next, bears will probably try to achieve another support at 1.2705 – 1.2665.
GBP/USD H4
GBP/USD H1
