GBP/USD: Gap going to act as resistance

GBP/USD: Gap going to act as resistance

GBP/USD: Gap going to act as resistance

We’ve got a “Double Top”, which has been confirmed. At the same time, bulls are likely going to test the nearest resistance at 1.2945 – 1.2964. If a pullback from this area happens, bears will probably try to reach the next support at 1.2865 – 1.2816.

GBP/USD: Gap going to act as resistance

The 55 Moving Average has acted as a support, so the price is consolidating. In this case, the pair is likely going to achieve a resistance at 1.2935 – 1.2952. However, if we see a pullback from these levels, there’ll be an opportunity to have a decline towards a 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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