GBP/USD: "Double Top" pattern

GBP/USD: "Double Top" pattern


All the Moving Averages have been broken, but bulls faced with resistance at 1.3311, so the price is consolidating. In this case, the 89 Moving Average is likely going to act as support. If so, there'll be an opportunity to have another upward price movement towards another resistance at 1.3336 - 1.3370.


There's a "Double Top" pattern, so the pair is likely going to get support on the 34 Moving Average during the day. If a pullback from this line happens little later on, bulls will probably try to reach the next resistance area at 1.3311 - 1.3336.




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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