GBP/USD: 55 Moving Average acted as support

GBP/USD: 55 Moving Average acted as support


The 'Rising Wedge' pattern has been broken, so the price is consolidating. There's also a local bullish 'Thorn' pattern. The main intraday target is the next resistance at 1.3244, which could be a starting point for a decline towards the nearest support at 1.3123 - 1.3102.


The 55 Moving Average has acted as support, so there's a 'Thorn' pattern, which pushed the price higher. It's likely that the market is going to test the closest resistance at 1.3112 - 1.3244. A pullback from this area could lead to a bearish correction.



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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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