All the Moving Averages have been broken, so there’s a ‘Thorn’ pattern. In this case, it’s likely to have an upward correction towards the nearest resistance at 1.3102. A pullback from this level could be a starting point for a decline towards the next support at 1.3004 – 1.2982.
There’s a ‘V-Bottom’, which has been confirmed. So, we should keep an eye on the closest important resistance at 1.3118 as an intraday target. If a pullback from this level happens next, bears will probably try to test another support at 1.3004 – 1.2982.
GBP/USD H4
GBP/USD H1
