There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
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.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.