GBP/USD: developing downward correction

GBP/USD: developing downward correction

5-12-2017-GBP-H4.png

We've got a confirmed "Double Top", so the market is likely going to test the nearest support at 1.3363 - 1.3336. Meanwhile, if a pullback from this area happens, we could have another upward price movement towards the next resistance at 1.3454 - 1.3480.

5-12-2017-GBP-H1.png

There's a developing downward correction. The main intraday target is the closest support at 1.3336 - 1.3309. If a pullback from this area happens, bulls will probably try to test another resistance between the levels 1.3408 - 1.3430.

gbp

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