GBP/USD: bullish pattern to form

GBP/USD: bullish pattern to form


There's a 'V-Top' pattern, so the price is consolidating. However, it's likely to have a bullish pattern soon. In this case, we should watch the nearest resistance at 1.2588 as an intraday target. The subsequent pullback from this level could be a starting point for a decline towards the next support at 1.2432 - 1.2402.


The price has tested the closest support three times, so it's likely that the market is going to reach the next resistance at 1.2543 - 1.2562 shortly. If a pullback from this area happens little later on, there'll be a moment for a decline towards 1.2472 - 1.2432.



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