The pair has been rising dramatically since a “Double Bottom” was formed at the last low. Moreover, the downtrend line was broken yesterday, so bears were hit like a ton of bricks. The market is likely going to get a resistance at 1.4692. If we see any kind of bearish pattern on this level, it’ll be a sign for a downward correction.
There’s a “Thorn” at the last low, which led to the current upward movement. We haven’t got any reversal pattern so far that is why we’ll likely can see the pair higher in the short term. The main target is a resistance at 1.4692, which can bring a local correction into the market.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
