GBP/USD: 55 Moving Average acted as resistance

GBP/USD: 55 Moving Average acted as resistance

2-10-2018-GBP-H4.png

There's a local 'V-Top' pattern, so the price is declining. The main intraday target is the next support area near the uptrend line. If we have a pullback from this zone little later on, bulls will probably try to test the nearest important resistance at 1.3032 - 1.3047.

2-10-2018-GBP-H1.png

The 55 Moving Average has acted as resistance, so we've got a 'Thorn' pattern, which pushed the price lower. In this case, it's likely that the market is going to reach the closest support at 1.2953 - 1.2923 in the coming hours.

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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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