The market has plunged because of the last ‘Double Top’ pattern. At the same time, there’s a bullish ‘Thorn’, so we’re likely going to have an upward correction shortly. In this case, we should watch the nearest resistance at 1.2634 – 1.2658 as an intraday target.
The last decline finished by a ‘V-Bottom’, so the price is moving up. It’s likely that the pair is going to reach the previously tested resistance at 1.2634 – 1.2658. The subsequent pullback from this area could lead to a decline towards the closest support at 1.2570 – 1.2529.
GBP/USD H4
GBP/USD H1
