There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: another 'V-Top' pattern
There's another 'V-Top' pattern, which has been confirmed, so the pair is going to test the nearest support at 1.2684 - 1.2661. In this case, we could have a new local low within the next few hours. If a pullback from the target area happens little later on, there'll be a moment for an upward correction towards 1.2763 - 1.2784.
The pair is consolidating under the Moving Averages. It's likely that the market is going to achieve the closest resistance at 1.2755 shortly. Meanwhile, the subsequent pullback from this level could lead to a decline in the direction of the next support at 1.2684 - 1.2671.
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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