GBP/USD: market to test the next support

GBP/USD: market to test the next support

5-12-2018-GBP-H4.png

There's a 'Thorn' pattern, so the price is consolidating. Nevertheless, the market is likely going to test the next support at 1.2658 - 1.2634 in the coming hours. If a pullback from this area happens next, there'll be a moment for an upward correction towards the nearest resistance at 1.2784 - 1.2826.

5-12-2018-GBP-H1.png

The pair is consolidating between the levels 1.2661 - 1.2723. We've got a 'V-Bottom', so it's likely that bulls are going to reach the closest important resistance at 1.2734 - 1.2755. The subsequent pullback from these levels could lead to another decline to 1.2658 - 1.2634.

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