GBP/USD: price reached downward channel

GBP/USD: price reached downward channel

23-10-2017-GBP-H4.png

We've got a "V-Bottom", so the price is rising. The main intraday target is the nearest resistance area at 1.3227 - 1.3258. If a pullback from this area happens, we could have a decline towards the closest support at 1.3150 - 1.3120.

23-10-2017-GBP-H1.png

The last bullish "Pennant" has been broken, but the price reached the local downward channel. So, we could have an intraday correction towards the Moving Averages, which could be a departure point for another bullish rally.

gbp

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