The market is consolidating between the 55 and 89 Moving Averages. It’s likely that the pair is going to test the next support at 1.2910 – 1.2854 in the coming hours. If a pullback from this area happens next, bulls will probably try to reach the nearest resistance at 1.2946 – 1.2957.
There’s a ‘Pennant’ pattern, which has been broken. So, we should keep an eye on the nearest support at 1.2889 – 1.2854 as an intraday target. The subsequent pullback from these levels could be a starting point for an upward correction.
GBP/USD H4
GBP/USD H1
