GBP/USD: "Triple Bottom" led to new high
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The price is consolidating under a resistance at 1.2522, so we’ve got a “Pennant”. Therefore, the pair is likely going to test the closest resistance at 1.2569 – 1.2581 in the short term. If a pullback from this area happens, there’ll be a chance to have a downward correction.
We’ve got a “Triple Bottom”, which has been confirmed by the last “Breakaway Gap”. In this case, the market is likely going to test the next resistance at 1.2569. Considering a possible pullback from this level, we should keep an eye on the closest support at 1.2506 – 1.2492 as an intraday bearish target.