GBP/USD: "Double Top" led to decline

GBP/USD: "Double Top" led to decline

26-2-2018-GBP-H4 (1).png

The last "Double Top" pattern led to the current decline. The main intraday target is the 34 Moving Average. If a pullback from this line happens little later on, there'll be an opportunity to have another bullish pice movement.

26-2-2018-GBP-H1 (1).png

The price is consolidating between the 34 & 55 Moving Averages. It's likely that the pair is going to test the nearest resistance at 1.4206, which could be a departure point for a decline in the direction of the next support at 1.4011.

gbp

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