GBP/USD: developing consolidation

GBP/USD: developing consolidation


We've got an upward consolidation, which is developing between the 34 Moving Average and resistance at 1.3023. It's likely that the pair is going to move up towards the closest resistance at 1.3090 - 1.3120. If we see a pullback from this area, bulls will probably try to test support at 1.2945 - 1.2913.


The 34 Moving Average has acted as support, so the price is consolidating. Therefore, the market is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens, there'll be an opportunity to have an upward price movement in the direction of the next resistance at 1.3047 - 1.3057.



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It seems the GBP/CAD looks forward to resume the bearish bias in the short-term, as it has been correcting the cycle started from May 18th and now, we can expect another leg higher to re-test the Fibonacci level of 50% at 1…


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