The pair has been rising since the last ‘Thorn’ pattern formed. It’s likely that the market is going to reach the nearest resistance at 1.2738 during the day. If a pullback from this level happens next, there’ll be time for a decline towards the closest support at 1.2615 – 1.2606.
The last ‘Pennant’ pattern pushed the price higher. All the Moving Averages have been broken. The main intraday target is the next resistance at 1.2732 – 1.2738. The subsequent pullback from this area could lead to another decline.
GBP/USD H4
GBP/USD H1
