GBP/USD: pair to test the nearest resistance

GBP/USD: pair to test the nearest resistance


The 'Rising Wedge' pattern has been broken, so the price is consolidating. It's likely that the pair is going to test the nearest resistance at 1.2695 - 1.2725 in the coming hours. If a pullback from this area happens next, there'll be a moment for a decline towards 1.2606 - 1.2588.


The pair is consolidating above the Moving Averages. Previously, we had a 'Double Bottom' pattern. Therefore, after a short break, the price is likely going to reach the next resistance at 1.2681 - 1.2695. This area could be a departure point for another decline.



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