GBP/USD: bulls going to test next resistance

GBP/USD: bulls going to test next resistance

17-5-2017-GBP-H4.png

The pair is consolidating along the 55 Moving Average, so bulls are likely going to achieve the closest resistance at 1.2964 - 1.2995. As a result, the last high is going to be broken, but there's also an opportunity to have a bearish correction afterwards.

17-5-2017-GBP-H1.png

There's a consolidation, which is taking place between resistance at 1.2955 and support at 1.2883. Therefore, the market is likely going to reach the next resistance at 1.2964 - 1.2988 in the coming hours. If a pullback from this level happens, bears will have a chance to test support at 1.2901 - 1.2883.

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