GBP/USD: plunged like a stone

GBP/USD: plunged like a stone

9-6-2017-GBP-H4-1.png

The last upward "Wedge" has been broken, so the pair plunged like a stone. Finally, bears meet with support at 1.2634, so we could have an upward correction towards the closest resistance at 1.2768, which could be a departure point for another rally towards another support at 1.2634.

9-6-2017-GBP-H1-1.png

Bears were stopped by support at 1.2634, so we've got a "Thorn" pattern. In this case, bulls are likely going to test resistance at 1.2768. Nevertheless, bears could push the price even lower afterwards in the direction of the next support at 1.2672 - 1.2581.

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