GBP/USD: Moving Averages acted as resistance

GBP/USD: Moving Averages acted as resistance

24-10-2017-GBP-H4.png

The Moving Averages have acted as resistance, so the price is consolidating. Nevertheless, the market is likely going to reach another resistance at 1.3290 - 1.3336 in the short term. If a pullback from this area happens, we could have a decline.

24-10-2017-GBP-H1.png

The last "Double Bottom" pattern led to the current bullish price movement. However, bulls faced with resistance at 1.3221, so we could have a local bearish correction towards the nearest support at 1.3182 - 1.3169. This area could be a departure point for another upward price movement.

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