GBP/USD: Moving Averages acted as support

GBP/USD: Moving Averages acted as support

15-11-2017-GBP-H4.png

The price is consolidating near the 89 Moving Average. Also, there's a bullish "Thorn" pattern, so the market is likely going to test the next resistance at 1.3182 - 1.3238. If a pullback from these levels happens, we could have a decline towards the closest support at 1.3182 - 1.3150.

15-11-2017-GBP-H1.png

The Moving Averages have acted as support, so there's a "V-Bottom" pattern. In this case, bulls are likely going to reach the nearest resistance at 1.3179 during the day. If we see a pullback from this level, there'll be time for downward correction.

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Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...

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