GBP/USD: developing bearish correction

GBP/USD: developing bearish correction

2019-11-11 • Updated

23-2-2018-GBP-H4.png

Bulls faced with resistance at 1.4011, so there's a "V-Top" pattern. The main intraday target is the nearest support at 1.3895 - 1.3834. This area could be a departure point for an upward price movement in the direction of the next resistance at 1.3944 - 1.4011.

23-2-2018-GBP-H1.png

There's a developing bearish correction, so the market is likely going to test the closest support at 1.3834 during the day. Meanwhile, if a pullback from this level is on the table, bulls will probably try to achieve another resistance at 1.4011 - 1.4089.

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