The price was rising until bulls faced a resistance at 1.4662, which brought a “Thorn” pattern, so the pair came back to a support at 1.4545. Therefore, the market is likely going to get a resistance at 1.4658 in the short term. If a pullback from this level happens, there’ll be an opportunity for a bearish movement towards a support at 1.4545 – 1.4513.
We’ve got a flat in progress, which turns out into a “Pennant” pattern, so the market is likely going to get a resistance at 1.4613 – 1.4662. If buyers be stopped somewhere in here, a downward movement becomes possible.
GBP/USD, H4
GBP/USD, H1
Origin: FX BAZOOKA
