GBP/USD: pair going to test nearest support

GBP/USD: pair going to test nearest support

1-9-2017-GBP-H4.png

We've got a "V-Bottom" pattern, so the price reached the 89 Moving Average. In this case, we could have an upward price movement towards the nearest support area at 1.2891 - 1.2877. If a pullback from these levels arrives little later on, bulls are likely going to test another resistance at 1.2958 - 1.2989.

1-9-2017-GBP-H1.png

Bulls reached resistance at 1.2942, so there's a "Double Top" pattern. Therefore, the pair is likely going to achieve the nearest support at 1.2891 - 1.2877. Meanwhile, if a pullback from this area happens, we should keep an eye on the closest resistance at 1.2942 - 1.2958 as an intraday target.

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