The pair is consolidating above the 55 Moving Average line. Also, there’s a ‘V-Bottom’ pattern, which has been confirmed. So, we should keep an eye on the next resistance at 1.3089 – 1.3103 as an intraday target. A pullback from this area could lead to a downward correction.
The last ‘V-Top’ pattern led to the current consolidation. It’s likely that the price is going to test the nearest support at 1.2953 – 1.2930. The following pullback from this target could be a starting point for another bullish rally in the direction of the closest resistance at 1.3073 – 1.3089.
GBP/USD H4
GBP/USD H1
