GBP/USD: broken "Triangle"

GBP/USD: broken "Triangle"


The last "Triangle" has been broken, but the price is consolidating. The main intraday target is the 34 Moving Average. If this line acts as support, bulls are likely going to test the closest resistance at 1.3465 - 1.3519.


The uptrend has acted as resistance, so the price is consolidating. In this case, we're likely going to have a bearish correction in the short term. If a pullback from the closest support happens at 1.3420, we could have just another bullish rally.




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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