The pair has a downward trend, which faced a support at 1.3929. There’s a “Double Bottom” pattern, which has been confirmed. It’s likely to see a rise towards a resistance area at the levels 1.4078 – 1.4124, but then bears might try to push the market to a support area at 1.4016 – 1.3958.
The consolidation has been ended and the price started rising towards a resistance at 1.4016. As well as on the four-hour chart, there’s a “Double Bottom” pattern. It’s likely that the pair will go lower to a support area between the levels 1.3958 – 1.3929. However, the price might go to a new upward movement afterwards to a resistance area between the levels 1.4078 – 1.4124.
GBP/USD: technical analysis
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
