There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Pennant' pushed price lower
The last 'Pennant' pattern led to the current decline. However, there's a 'V-Bottom', so we're likely going to have an upward correction towards the nearest resistance at 1.2753 - 1.2784. A pullback from this area could be a starting point for another decline in the direction of the next support at 1.2661 - 1.2634.
Bears have been stopped by the 'Tripple Bottom' pattern, so there's an opportunity to have a bullish correction. In this case, we should keep an eye on the 55 Moving Average as an intraday target. If a pullback from this line happens little later on, there'll be a moment for a downward price movement to 1.2685 - 1.2661.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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