GBP/USD: local bullish correction is underway

GBP/USD: local bullish correction is underway

20-7-2018-GBP-H4.png

There's a 'V-Bottom', so a local bullish correction is underway. Even so, the pair is likely going to reach the nearest support at 1.2957 - 1.2938 in the short term. This area could be a starting point for a correction towards the nearest resistance at 1.3026 - 1.3049.

20-7-2018-GBP-H1.png

There's a consolidation, which is taking place between the levels 1.2994 - 1.3049. Also, it seems like we've got a 'Double Top', so it's time for another decline. The main intraday target is the next support at 1.2957 - 1.2938.

gbp

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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