The lower side of the ‘Rising Wedge’ pattern has been broken, so the pair is likely going to test the nearest support at 1.2606 – 1.2588. Meanwhile, if a pullback from this area happens next, there’ll be a moment to have another upward price movement towards the next resistance at 1.2658 – 1.2695.
There’s a local ‘V-Bottom’ pattern, so the pair is moving up. The main intraday target is the closest resistance at 1.2681. At the same time, a pullback from this level could lead to a bearish price movement in the direction of the previously tested support at 1.2617 – 1.2606.
GBP/USD H4
GBP/USD H1
