There’s a ‘Double Top’, which has been confirmed, but the price faced support at 1.2514. In this case, the market is likely going to reach the nearest resistance at 1.2634 – 1.2658. The subsequent pullback from this area could lead to a decline towards the previously tested support at 1.2514.
The price is rising because of the last ‘V-Bottom’ pattern. Meanwhile, if a pullback from the closest support at 1.2562 happens little later on, there’ll be a green light for another bullish rally. Thus, we should keep an eye on another resistance at 1.2634 – 1.2658 as an intraday target.
GBP/USD H4
GBP/USD H1
