GBP/USD: price consolidating since 'Thorn' formed

GBP/USD: price consolidating since 'Thorn' formed

30-5-2018-GBP-H4.png

There's a 'V-Bottom' pattern, so the pair is likely going to test the closest resistance at 1.3344 - 1.3380 and the 34 Moving Average shortly. Meanwhile, a pullback from these levels could be a starting point for a decline towards the next support at 1.3174 - 1.3125.

30-5-2018-GBP-H1.png

The price has been consolidating since the last 'Thorn' pattern was formed. The main intraday target is the 89 Moving Average. If a pullback from this line happens next, there'll be a moment to have a decline in the direction of the last low.

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GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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