GBP/USD: 34 Moving Average acted as resistance

GBP/USD: 34 Moving Average acted as resistance

16-8-2018-GBP-H4.png

There's a bullish 'Thorn', so we've got a local upward correction, which is about to end. In this case, the nearest support at 1.2665 - 1.2661 is likely going to be tested again. If a pullback from this area forms little later on, there'll be a moment to have a bullish correction towards the next resistance at 1.2722 - 1.2773.

16-8-2018-GBP-H1.png

The 34 Moving Average has acted as resistance, so we've got a 'V-Top' pattern. In this case, the market is likely going to reach the closest support at 1.2665 - 1.2661 shortly. A pullback from these levels could be a departure point for an upward correction.

gbp

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