GBP/USD: bears stopped by the last 'Thorn'

GBP/USD: bears stopped by the last 'Thorn'


Bears have been stopped by the last 'Thorn' pattern, so we should keep an eye on the nearest resistance at 1.3032 - 1.3047 as an intraday target. If a pullback from these levels forms next, there'll be time for another decline towards the previously tested support at 1.2953 - 1.2930.


The price dropped because of the 'Pennant' pattern, but we've got a 'Thorn', so there's an opportunity to have a bullish correction. The main intraday target is the nearest important resistance at 1.3032 - 1.3047. This area could be a starting point for a bearish price movement in the direction of the last low.



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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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