GBP/USD: bears going to test Moving Averages
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Bulls found a resistance at 1.2557, so we’ve got a “V-Top” pattern, which pushed the price to a support at 1.2477 – 1.2438. However, if we see a pullback from these levels, there’ll be an opportunity to have an upward price movement in the direction of the nearest resistance at 1.2595 – 1.2614.
There’s a “Double Top”, so the price reached the 34 Moving Average. Therefore, bears are likely going to reach the closest support at 1.2477 – 1.2469. If a pullback from this area be on the table, bulls will probably try to approach a resistance at 1.2557 – 1.2573.