GBP/USD: bulls going to test closest resistance

GBP/USD: bulls going to test closest resistance

20-6-2017-GBP-H4.png

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.

20-6-2017-GBP-H1.png

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.

gbp

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

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