There’s another pullback from the 34 Moving Average, so the price is consolidating. Even so, we should keep an eye on the next resistance at 1.2826 – 1.2852 as an intraday target. If a pullback from these levels happens next, bears will probably try to reach the closest support at 1.2763 – 1.2723.
It seems like there’s a ‘Pennant’ pattern, which is about to end. In this case, the pair is likely going to reach the previously tested resistance at 1.2824 – 1.2839 shortly. Meanwhile, the subsequent pullback from this area could be a starting point for another decline towards 1.2755 – 1.2734.
GBP/USD H4
GBP/USD H1
