GBP/USD: bulls going to test closest resistance

GBP/USD: bulls going to test closest resistance


There's a developing "Rising Wedge". The price is testing the lower side of this pattern. So, the pair is likely going to test support at 1.2705 - 1.2678. Meanwhile, if a pullback from this area arrives, we should keep an eye on the next resistance at 1.2768 - 1.2793 as an intraday target.


The price is consolidating right under the broken "Wedge". In this case, bulls are likely going to test the closest resistance at 1.2768. If a pullback from this level happens, there'll be an opportunity to have a decline towards the next support at 1.2690 - 1.2672.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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