There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: All Moving Averages broken
The main trend is still bullish. Also, there's a 'Double Bottom' pattern, which has been confirmed. Therefore, bulls are likely going to test the next resistance area at 1.4144 - 1.4199 in the short term. A pullback from these levels could be a starting point for a decline towards the closest support at 1.4069 - 1.4027.
All the Moving Averages have been broken, so the price is consolidating. It's likely that the market is going to test the Moving Averages during the day. Meanwhile, if we see a pullback from these lines, there'll be an opportunity to have an upward price movement in the direction of the nearest resistance at 1.4144 - 1.4171.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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