There’s a new local high, but we’ve got a ‘V-Top’ pattern. In this case, the market is likely going to test the nearest support at 1.2796 – 1.2772 in the coming hours. Meanwhile, if a pullback from these levels happens next, there’ll be an opportunity to have another bullish rally towards the next resistance at 1.2883 – 1.2927.
The pair faced with resistance at 1.2883, so there’s a ‘Triple Top’, which means we should watch the closest support at 1.2796 – 1.2772 as an intraday target. The subsequent pullback from this area could lead to an upward price movement in the direction of the last high.
GBP/USD H4
GBP/USD H1
