GBP/USD: "Double Top" led to massive decline

GBP/USD: "Double Top" led to massive decline

GBP/USD: "Double Top" led to massive decline

The last “Double Top” pushed the price to a support at 1.2382. At the same time, bears are likely going to test the next support at 1.2347 – 1.2323 in the short term. If we see a pullback from this area, there’ll be a chance to have a bullish correction towards a resistance at 1.2438 – 1.2468.

 

GBP/USD: "Double Top" led to massive decline

The price faced a support at 1.2382, so the price is consolidating. Nevertheless, the market is likely going to reach the nearest support at 1.2334 – 1.2323 during the day. If a pullback from these levels be on the table, bulls will have an opportunity to reach a resistance at 1.2438.

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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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