The last ‘Flag’ led to form a new local low. It’s likely that the market is going to test the next support at 1.2665 – 1.2614. However, if a pullback from these levels arrives little later on, bulls will probably try to achieve the closest resistance between the levels 1.2722 – 1.2773.
There’s a ‘Bull Trap’, which pushed the price lower. However, we’ve got a ‘V-Bottom’, so the pair is likely going to reach the 55 Moving Average. If this line acts as resistance next, there’ll be a moment to have a decline in the direction of another support at 1.2665 – 1.2614.
GBP/USD H4
GBP/USD H1
