There’s a ‘Thorn’ pattern, which pushed the pair higher, but the 34 Moving Average has acted as resistance, so the price is consolidating. In this case, it’s likely that the pair is going to reach the previously tested support at 1.2910 – 1.2854. The subsequent pullback from this area could lead to an upward correction towards the nearest resistance at 1.2946 – 1.2957.
We’ve got a ‘Bearish Trap’, so the price moved higher. Meanwhile, we should watch the closest support at 1.2913 – 1.2889 as an intraday target. If a pullback from this area happens next, bulls will probably try to achieve another resistance at 1.2971 – 1.2999.
GBP/USD H4
GBP/USD H1
