The ‘Rising Wedge’ pattern has been broken, so the price is consolidating. There’s also a local bullish ‘Thorn’ pattern. The main intraday target is the next resistance at 1.3244, which could be a starting point for a decline towards the nearest support at 1.3123 – 1.3102.
The 55 Moving Average has acted as support, so there’s a ‘Thorn’ pattern, which pushed the price higher. It’s likely that the market is going to test the closest resistance at 1.3112 – 1.3244. A pullback from this area could lead to a bearish correction.
GBP/USD H4
GBP/USD H1
