GBP/USD: "Exhaustion Gap" closed
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The last “Exhaustion Gap” has been closed, so we’ve got a “V-Top” pattern. Therefore, the pair is likely going to test the closest support at 1.2856 – 1.2816 in the short term. If we see a pullback from this area, there’ll be a chance to have a local upward price movement towards a resistance at 1.2913 – 1.2945.
There’s a “V-Top” pattern, which has been formed under a resistance at 1.2945. The 34 Moving Average is acting as a support. Therefore, the pair is likely going to decline in the direction of the closest support at 1.2865 – 1.2844. If a pullback from these levels be on the table, we should keep an eye on a resistance at 1.2865 – 1.2900 as a possible bullish target.