GBP/USD: bears going to test nearest support

GBP/USD: bears going to test nearest support


There's a "Triple Top" at the last high. If this pattern confirms, bears are likely going to test the nearest support at 1.3158. Meanwhile, if a pullback from this level happens afterwards, there'll be an opportunity to have another upward price movement towards the next resistance at 1.3234 - 1.3277.


The price is still consolidating. However, there's a "Triple Top" pattern, which has been confirmed, but bears faced support at 1.2184. So, we could have a local correction during the day. Nevertheless, we should keep an eye on the next support as an intraday bearish target.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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