GBP/USD: price reached the 34 MA

GBP/USD: price reached the 34 MA

7-11-2017-GBP-H4.png

We've got a "Double Bottom", which has been confirmed, so the price reached the 34 Moving Average. In this case, the market is likely going to achieve the next support at 1.3150 - 1.3081 in the short term. However, if a pullback from these levels happens, we could have an upward price movement towards another resistance at 1.3250 - 1.3239.

7-11-2017-GBP-H1.png

The last "Triple Bottom" pattern led to the current upward price movement, so all the Moving Averages have been broken. Meanwhile, we could have a local bearish correction during the day, but bulls are likely going to reach the next resistance at 1.3205 - 1.3239 afterwards.

gbp

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