GBP/USD: support waiting for bears
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The price faced a support on the 55 Moving Average, so we’ve got a “V-Bottom” pattern here. Therefore, the market is likely going to reach the next support at 1.2347 in the short term. If we see a pullback from this level, there’ll be time for an upward correction, so we should keep an eye on a resistance at 1.2438 – 1.2468 as a possible intraday target.
Bulls found a resistance at 1.2438, so the price is consolidating. In this case, the pair is likely going to test the nearest support at 1.2376 – 1.2362 during the day. At the same time, if a pullback from this area be on the table, bulls will have an opportunity to reach the 89 Moving Average.