There’s another ‘V-Top’ pattern, which has been confirmed, so the pair is going to test the nearest support at 1.2684 – 1.2661. In this case, we could have a new local low within the next few hours. If a pullback from the target area happens little later on, there’ll be a moment for an upward correction towards 1.2763 – 1.2784.
The pair is consolidating under the Moving Averages. It’s likely that the market is going to achieve the closest resistance at 1.2755 shortly. Meanwhile, the subsequent pullback from this level could lead to a decline in the direction of the next support at 1.2684 – 1.2671.
GBP/USD H4
GBP/USD H1
