GBP/USD: "Double Top" stopped bulls

GBP/USD: "Double Top" stopped bulls

Bulls faced a resistance at 1.2945, so we’ve got a “Double Top”, which has been confirmed by the last “Exhaustion Gap”. Therefore, the pair is likely going to decline in the direction of the closest support at 1.2865 – 1.2816. If bears be stopped here, there’ll be an opportunity to have another bullish price movement towards a resistance at 1.2865 – 1.2913.

We’ve got a “Double Top” pattern, which has been confirmed. However, the price faced a support at 1.2900, so bulls are likely going to test the nearest resistance at 1.2935 – 1.2952. If a pullback from this area happens, bears will probably try to reach the closest support at 1.2865 – 1.2844.




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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