GBP/USD: 55 MA acted as support

GBP/USD: 55 MA acted as support


There's a "Double Top", but the price is consolidating. It's likely that bears are going to reach the nearest support at 1.3374. Meanwhile, if we have a pullback from this level, bulls will probably try to reach the closest resistance afterwards.


The 55 Moving Average has acted as support, so the price is consolidating. Also, we've got a developing bearish "Flag" pattern. In this case, bulls are likely going to test the nearest resistance at 1.3532 - 1.3550. If a pullback from these levels arrives later on, there'll be an opportunity to have a bearish price movement towards the 89 Moving Average.




Morning brief for May 30

 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…

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