GBP/USD: bulls going to test 89 MA

GBP/USD: bulls going to test 89 MA

22-6-2017-GBP-H4.png

There's a "Double Bottom", which pushed the price towards resistance at 1.2705. In this case, the market is likely going to reach the nearest resistance at 1.2705 - 1.2757. Meanwhile, if a pullback from this area happens, we should keep an eye on the next support at 1.2581 - 1.2514 as a bearish intraday target.

22-6-2017-GBP-H1.png

The 55 Moving Average has acted as resistance, so we've got a "V-Top" pattern on this line. However, bulls are likely going to test the 89 MA in the coming hours. If we see a pullback from this line, bears will probably try to deliver a new local low.

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