There’s a ‘V-Top’, which has been formed under the Moving Averages. However, if a pullback from the nearest support at 1.2588 happens next, there’ll be time for another upward price movement. In this case, we should watch the closest resistance at 1.2695 – 1.2725. This area could be a starting point for a decline towards 1.2634 – 1.2588.
The price is consolidating between the Moving Averages. It’s likely that the pair is going to test the next support at 1.2588 – 1.2562 in the coming hours. The subsequent pullback from this area could lead to a bullish price movement in the direction of 1.2658 – 1.2671.
GBP/USD H4
GBP/USD H1
