There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: price to test the next resistance
The pair is consolidating between the levels 1.2882 - 1.2784. It's likely that the price is going to test the next resistance at 1.2950 - 1.2953 in the coming hours. If a pullback from this area happens next, bears will probably try to reach the previously tested support at 1.2753 - 1.2728.
The 55 Moving Average has acted as resistance, so the market is consolidating. The main intraday target is the next resistance at 1.2950 - 1.2953. Also, if we have a pullback from these levels little later on, there'll be a moment for a decline in the direction of another support at 1.2753 - 1.2728.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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