There’s a ‘Double Bottom’, which has been confirmed, so the market is consolidating. It’s likely that the pair is going to test the nearest resistance at 1.3172 – 1.3212 in the coming hours. A pullback from this area could be a starting point for a decline towards the closest support at 1.3055 – 1.3025.
It seems like there’s a ‘Pennant’ pattern. If so, the market is likely going to achieve the next resistance at 1.3172 – 1.3212 within the next few hours. If a pullback from these levels forms little later on, bears will probably try to reach another support at 1.3102 – 1.3055.
GBP/USD H4
GBP/USD H1
