GBP/USD: developing "Triangle"

GBP/USD: developing "Triangle"


The price is consolidating near the 89 Moving Average. Also, there are two bullish "Thorn" patterns in a row, so the pair is likely going to test the closest resistance at 1.3032 - 1.3047 in the coming hours. If a pullback from these levels happens little later on, there'll be an option to have a downward price movement towards the next support at 1.2982 - 1.2951.


We've got a "Triangle", so the price is likely going to test the lower side of this pattern in the short term. If a pullback from this level is on the table, bulls will probably try to achieve the nearest resistance at 1.3032 - 1.3047 shortly.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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