GBP/USD: "Double Top" led to bearish correction

GBP/USD: "Double Top" led to bearish correction

GBP/USD: "Double Top" led to bearish correction

The pair faced a resistance at 1.2522, so we’ve got a confirmed “Double Top”, which pushed the price to a support at 1.2477. In this case, the market is likely going to achieve the next support at 1.2438 – 1.2411 in the short term. If bears be stopped here, there’ll be a chance to have a bullish price movement towards a resistance at 1.2522 – 1.2547.

GBP/USD: "Double Top" led to bearish correction

We’ve got a “Triple Top”, which has been confirmed, so the price is consolidating near a support at 1.2477. Under this circumstances, bears are likely going to test the 89 Moving Average, which could be a departure point for another upward price movement.


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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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