GBP/USD: 89 Moving Average acted as resistance

GBP/USD: 89 Moving Average acted as resistance

26-7-2018-GBP-H4.png

The 89 Moving Average has acted as resistance, so there's a 'V-Top' pattern. In this case, the market is likely going to test the 34 MA shortly. A pullback from this line could be a starting point for an upward price movement towards the next resistance at 1.3216 - 1.3244.

26-7-2018-GBP-H1.png

We've got a 'Triple Top', so the market is likely going to test the Moving Averages. If we have a pullback from these lines next, there'll be a moment for another bullish rally in the direction of the next resistance at 1.3216 - 1.3244.

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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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