GBP/USD Forecast: price consolidating above the 55 MA

gbp-l4The 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

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GBP/USD H1

5-11-2018-GBP-H1.png

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