GBP/USD formed a

GBP/USD formed a "V-Bottom"

2019-11-11 • Updated

There's a "V-Bottom" pattern, which has been formed on the 89 Moving Average. In this case, the price is likely going to test the nearest resistance at 1.4011 - 1.4082. This area could be a departure point for a decline in the direction of another support at 1.3834 - 1.3741.

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The last "V-Bottom" pattern led to a local bullish price movement. It's likely to have an intraday downward correction, but bulls are going to test the 89 Moving Average afterward.

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