GBP/USD: consolidation along 55 MA

GBP/USD: consolidation along 55 MA


There's a "Double Top" pattern, which has been confirmed. Therefore, the pair is likely going to test the nearest support at 1.2982 in the short term. If we have a pullback from this level, there'll be an opportunity to see the price even higher. So, we should keep in mind the next resistance at 1.3116 as an intraday target.


The price is consolidating along the 55 Moving Average. It's likely that the market is going to reach the closest resistance at 1.3077 during the day. If a pullback from this level happens, we're likely going to have another decline towards the next support at 1.3006 - 1.2982.



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The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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