GBP/USD: 34 Moving Average acted as resistance

GBP/USD: 34 Moving Average acted as resistance

5-9-2018-GBP-H4.png

The last 'Double Top' led to the current decline. The main intraday target is the next support at 1.2763 - 1.2722. If a pullback from this area happens next, there'll be a moment for a bullish correction in the direction of the nearest resistance at 1.2880 - 1.2911.

5-9-2018-GBP-H1.png

The 34 Moving Average has acted as resistance. It's likely that the pair is going to test the closest resistance at 1.2870 - 1.2880 during the day. A pullback from these levels could be a departure point for a decline towards the next support at 1.2763 - 1.2722.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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