The market is still consolidating. It’s likely that the pair is going to test the nearest support at 1.2839 – 1.2814 in the coming hours. If a pullback from these levels happens next, there’ll be a moment for an upward price movement towards the next resistance at 1.2927 – 1.2946.
The 34 Moving Average is acting as support. Also, there’s a developing ‘Rising Wedge’ pattern. In this case, we should watch the 89 Moving Average as an intraday target. The subsequent pullback from this line could lead to another bullish rally.
GBP/USD H4
GBP/USD H1
