GBP/USD: local bearish 'Thorn' pattern

GBP/USD: local bearish 'Thorn' pattern

20-12-2018-GBP-H4.png

It seems like there's a developing 'Rising Wedge' pattern. However, the price is likely going to test the nearest support at 1.2606 - 1.2588. If a pullback from this area happens next, bulls will probably try to achieve the next resistance at 1.2695 - 1.2725.

20-12-2018-GBP-H1.png

There's a local bearish 'Thorn' pattern, so the market is likely going to reach the closest support at 1.2606 - 1.2588 in the coming hours. The subsequent pullback from these levels could lead to an upward price movement in the direction of another resistance at 1.2695 - 1.2705.

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