There’s a ‘V-Bottom’ pattern, which has been confirmed, so the price is likely going to test the nearest resistance at 1.2882 – 1.2921 within the next few hours. The following pullback from this area could be a starting point for another decline in the direction of the closest support at 1.2753 – 1.2728.
The 34 Moving Average has acted as resistance. Nevertheless, bulls are likely going to reach the next resistance at 1.2921 and the 89 Moving Average shortly. If a pullback from these levels happens little later on, there’ll be a green light for a downward price movement towards the last low.
GBP/USD H4
GBP/USD H1
