GBP/USD: pair to test the next support

GBP/USD: pair to test the next support

7-2-2019-GBP-H4.png

The market is consolidating between the 55 and 89 Moving Averages. It's likely that the pair is going to test the next support at 1.2910 - 1.2854 in the coming hours. If a pullback from this area happens next, bulls will probably try to reach the nearest resistance at 1.2946 - 1.2957.

7-2-2019-GBP-H1.png

There's a 'Pennant' pattern, which has been broken. So, we should keep an eye on the nearest support at 1.2889 - 1.2854 as an intraday target. The subsequent pullback from these levels could be a starting point for an upward correction.

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