GBP/USD: Moving Averages acted as support

GBP/USD: Moving Averages acted as support

21-12-2018-GBP-H4.png

The price is unfolding a 'Rising Wedge' pattern, so we should watch the next resistance at 1.2725 as an intraday target. If a pullback from this level and the 89 Moving Average happens little later on, there'll be a moment for a decline towards the nearest support at 1.2606 - 1.2588.

21-12-2018-GBP-H1.png

The Moving Averages acted as support once again, so there's a 'V-Bottom' pattern. Thus, the pair is likely going to reach the closest resistance at 1.2718 - 1.2732 in the coming hours. The subsequent pullback from this area could lead to a decline in the direction of 1.2638 - 1.2625.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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