GBP/USD: Moving Averages acted as resistance

GBP/USD: Moving Averages acted as resistance

2-10-2017-GBP-H4.png

The price is consolidating in a range of the developing "Wedge". So, the upper side of this pattern is likely going to be broken soon. The main intraday target is the nearest resistance at 1.3479 - 1.3533, which could be a departure point for another decline.

2-10-2017-GBP-H1.png

The Moving Averages have acted as resistance, so the price is declining. Meanwhile, if we see a pullback from the nearest support at 1.3328, bulls are likely going to break the local uptrend. If so, the price could achieve the closest resistance at 1.3404 - 1.3444.

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