GBP/USD: price remains above Moving Averages

GBP/USD: price remains above Moving Averages


There's a 'Double Top' pattern, but the price remains above the Moving Averages. In this case, it's likely that the pair is going to test the closest resistance at 1.2772 - 1.2796 once again. The subsequent pullback from these levels could lead to a decline towards the nearest support at 1.2695 - 1.2658.


The 55 Moving Average has acted as support, so there's a 'Double Bottom' pattern. Thus, we should watch the next resistance at 1.2772 - 1.2796 as an intraday target. If a pullback from this area arrives little later on, bears will probably try to reach the previously tested support at 1.2706 - 1.2695.



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