GBP/USD:  'Bull Trap' led to a new low

GBP/USD: 'Bull Trap' led to a new low

15-8-2018-GBP-H4.png

The last 'Flag' led to form a new local low. It's likely that the market is going to test the next support at 1.2665 - 1.2614. However, if a pullback from these levels arrives little later on, bulls will probably try to achieve the closest resistance between the levels 1.2722 - 1.2773.

15-8-2018-GBP-H1.png

There's a 'Bull Trap', which pushed the price lower. However, we've got a 'V-Bottom', so the pair is likely going to reach the 55 Moving Average. If this line acts as resistance next, there'll be a moment to have a decline in the direction of another support at 1.2665 - 1.2614.

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