GBP/USD: price declining because of 'V-Top' pattern

GBP/USD: price declining because of 'V-Top' pattern

16-5-2018-GBP-H4.png

The price is still consolidating under the Moving Averages. The main intraday target is the next support at 1.3380. However, if a pullback from this level forms afterwards, bulls will probably try to test the nearest resistance at 1.3493 - 1.3549.

16-5-2018-GBP-H1.png

The market is declining because of the last 'V-Top' pattern. It's likely that the pair is going to achieve the closest support at 1.3396 - 1.3380 soon. A pullback from this area could be a starting point for a correction.

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