The ‘Rising Wedge’ pattern has been broken, so the price is consolidating. It’s likely that the pair is going to test the nearest resistance at 1.2695 – 1.2725 in the coming hours. If a pullback from this area happens next, there’ll be a moment for a decline towards 1.2606 – 1.2588.
The pair is consolidating above the Moving Averages. Previously, we had a ‘Double Bottom’ pattern. Therefore, after a short break, the price is likely going to reach the next resistance at 1.2681 – 1.2695. This area could be a departure point for another decline.
GBP/USD H4
GBP/USD H1
