GBP/USD: Moving Averages acting as support

GBP/USD: Moving Averages acting as support

2019-11-11 • Updated

27-6-2017-GBP-H4.png

The price found resistance at 1.2757, so bears achieved support at 1.2705. In this case, the market is likely going to reach the next resistance at 1.2793 - 1.2817. If a pullback from this area happens, bears will have a green light to test the closest support at 1.2678 - 1.2634.

27-6-2017-GBP-H1.png

There's a consolidation, which is taking place under resistance at 1.2757. The Moving Averages are acting as support. Therefore, the price is likely going to reach the next resistance at 1.2793 in the coming hours. However, if a pullback from this level arrives afterwards, there'll be an option to have a decline in the direction of support at 1.2690 - 1.2672.

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