There’s a ‘V-Top’ pattern, which has been confirmed, so there’s an opportunity to have a local downward correction. In this case, we should keep an eye on the nearest support at 1.2814 – 1.2772. If a pullback from this area happens little later on, bulls will probably try to reach another resistance at 1.2946.
The market is consolidating under the previously tested resistance at 1.2927. Also, there’re bearish patterns such a ‘V-Top’ and a ‘Double Top’. Thus, the pair is likely going to achieve the 89 Moving Average soon. If this line acts as support, there’ll be a green light for an upward price movement towards the last high.
GBP/USD H4
GBP/USD H1
