GBP/USD: bulls to deliver new local high

GBP/USD: bulls to deliver new local high

16-5-2017-GBP-H4.png

The price is consolidating along the 55 Moving Average. So, the market is likely going to test the next resistance at 1.2945 - 1.2964. However, if a pullback from these levels happens, we could have a correction, so we should keep an eye on support at 1.2865 - 1.2816 as a bearish target.

16-5-2017-GBP-H1.png

As we can see on the one-hour chart, the pair is moving up and down between resistance at 1.2945 and support at 1.2883. It's likely that the price is going to test the closest resistance at 1.2955 - 1.2964 in the coming hours. At the same time, if we have a pullback from this area, bears will probably try to achieve support at 1.2863 - 1.2843.

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