GBP/USD: 55 Moving Average acted as resistance

GBP/USD: 55 Moving Average acted as resistance

11-2-2019-GBP-H4.png

The 55 Moving Average has acted as resistance, so there's a 'V-Top' pattern, which led to the current consolidation. It's likely that the market is going to reach the previously tested support at 1.2910 - 1.2854. The subsequent pullback from this acted could be a departure point for an upward correction.

11-2-2019-GBP-H1.png

We've got a 'V-Top' pattern, so the pair is likely going to achieve the next support at 1.2889 - 1.2854 in the coming hours. Meanwhile, if a pullback from these levels happens little later on, bulls will probably try to test the nearest resistance at 1.2930 - 1.2957.

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