GBP/USD: 'Double Top'

GBP/USD: 'Double Top'


We've got a 'Double Top', so the price is testing the 55 Moving Average. It's likely to have a correction towards the nearest support at 1.2811. A pullback from this level could be a starting point for an advance in the direction of the next resistance at 1.2911 - 1.2957.


There's a 'Double Bottom', so the price is likely going to test the next resistance at 1.2826 - 1.2811. If a pullback from this area happens little later on, bulls will probably try to deliver a new local high.



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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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