The 55 Moving Average has acted as resistance, so there’s a ‘V-Top’ pattern, which led to the current consolidation. It’s likely that the market is going to reach the previously tested support at 1.2910 – 1.2854. The subsequent pullback from this acted could be a departure point for an upward correction.
We’ve got a ‘V-Top’ pattern, so the pair is likely going to achieve the next support at 1.2889 – 1.2854 in the coming hours. Meanwhile, if a pullback from these levels happens little later on, bulls will probably try to test the nearest resistance at 1.2930 – 1.2957.
GBP/USD H4
GBP/USD H1
