The market has plunged because of the last ‘V-Top’ pattern. However, there’s a ‘Double Bottom’, which has been confirmed, so the price is likely going to test the nearest resistance at 1.3143 – 1.3172. A pullback from this area could be a starting point for another bearish rally to 1.3055 – 1.3025.
There’s a consolidation, which is taking place under the Moving Averages. It’s likely that the pair is going to reach the nearest important resistance at 1.3143 – 1.3172 because of the last ‘Double Bottom’ pattern. Even so, we should keep an eye on the closest support at 1.3055 – 1.3025 as the next bearish target.
GBP/USD H4
GBP/USD H1
