GBP/USD: pair consolidating under Moving Averages
The pair is consolidating under the Moving Averages. Also, there's a 'V-Bottom', which has been confirmed, so the market is likely going to test the closest resistance at 1.2658 - 1.2695. The subsequent pullback from this level could lead to another decline towards the next support at 1.2588 - 1.2514.
There's consolidation, which is taking place between the 89 and 34 Moving Averages. At the same time, there's a 'Pennant' pattern, so we should watch the nearest resistance at 1.2671 - 1.2686 as an intraday target. If a pullback from this area happens little later on, there'll be a moment to have a decline in the direction of 1.2588 - 1.2562.
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