GBP/USD: 34 Moving Average acting as support

GBP/USD: 34 Moving Average acting as support

2019-11-11 • Updated

10-11-2017-GBP-H4.png

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.

10-11-2017-GBP-H1.png

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.

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