GBP/USD: price to test the nearest resistance

GBP/USD: price to test the nearest resistance

26-11-2018-GBP-H4 (1).png

The 55 Moving Average has acted as resistance, but there's a 'V-Top' pattern, so the price is likely going to test the nearest resistance at 1.2882 in the coming hours. The subsequent pullback from this level could be a starting point for a decline towards the next support at 1.2784.

26-11-2018-GBP-H1 (1).png

The pair is consolidating under the Moving Averages. Also, there's a 'Double Bottom' pattern. Under this circumstances, the market is likely going to reach the previously tested resistance at 1.2882 - 1.2921. If a pullback from this area happens next, there'll be time for another bearish price movement.

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