There’s a ‘Double Bottom’ pattern, which has been confirmed, so the price is rising. The next bullish target is the nearest resistance at 1.2852 – 1.2883. The subsequent pullback from these levels could be a starting point for a bearish correction towards the closest support at 1.2784 – 1.2763.
All the Moving Averages have been broken. It’s likely that the pair is going to test the next resistance at 1.2849 – 1.2863 soon. If a pullback from this area forms next, there’ll be an opportunity to have a decline in the direction of 1.2805 – 1.2795.
GBP/USD H4
GBP/USD H1
