GBP/USD: local 'V-Bottom' pattern

GBP/USD: local 'V-Bottom' pattern


There's a local 'V-Bottom' pattern, so the market is likely going to test the nearest resistance at 1.2725 - 1.2759. If a pullback from this area happens next, there'll be a moment for a decline in the direction of the next support at 1.2634 - 1.2588.


The Moving Averages are acting as support. It's likely that the pair is going to reach the closest resistance at 1.2718 - 1.2732 during the day. The subsequent pullback from these levels could be a departure point for a decline towards another support at 1.2620 - 1.2609.



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