GBP/USD: 34 Moving Average acting as support

GBP/USD: 34 Moving Average acting as support


The price is consolidating under the 34 Moving Average. There isn't any reversal pattern, so we should keep an eye on the 89 MA as the next bullish target. If a pullback from this line arrives little later on, bears will probably try to deliver just another decline.


The 34 Moving Average is acting as support. Also, there's a bullish "Pennant" pattern, so the pair is likely going to reach the nearest resistance area at 1.3182 - 1.3205 during the day. If we see a pullback from these levels afterwards, there'll be a moment to have a downward price movement.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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