GBP/USD: confirmed "Thorn" pattern

GBP/USD: confirmed "Thorn" pattern


The price faced support at 1.2817, so there's a "Thorn" pattern, which has been confirmed. Therefore, the pair is likely going to continue moving up in the direction of the next resistance at 1.2947 - 1.2982. Meanwhile, if a pullback from this area happens, there'll be an option to have a downward price movement towards support at 1.2926 - 1.2887.


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 keep in mind the next resistance at 1.2947 - 1.2967 as an intraday target. If we see a pullback from these levels, bears will have a green light to reach the 89 Moving Average.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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