GBP/USD: bulls faced with resistance

GBP/USD: bulls faced with resistance

2019-11-11 • Updated

8-9-2017-GBP-H4.png

Bulls faced with resistance at 1.3164, so the market is likely going to decline towards the nearest support at 1.3119 - 1.3083. However, if a pullback from this area happens, we could have an upward price movement in the direction of the closest resistance at 1.3164 - 1.3190.

8-9-2017-GBP-H1.png

There's a "Thorn" pattern, which pushed the pair to support at 1.3114. Meanwhile, the price is likely going to reach the next support at 1.3093 - 1.3083, which could be a departure point for a bullish price movement. In this case, we should keep in mind the nearest resistance at 1.3164 - 1.3190 as the next bullish target.

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