GBP/USD: confirmed "V-Bottom" pattern

GBP/USD: confirmed "V-Bottom" pattern

9-11-2017-GBP-H4.png

There's a "V-Bottom" pattern, which has been confirmed, so the pair is likely going to test the 55 Moving Average soon. If we have a pullback from this line, bears will probably try to start another decline towards the last low.

9-11-2017-GBP-H1.png

Bulls have broken the last "Pennant" pattern, so the price is rising. However, if a pullback from the nearest resistance at 1.3177 - 1.3182 happens afterwards, we could have a decline in the direction of the next support area.

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