GBP/USD: price to test the next resistance

GBP/USD: price to test the next resistance

8-1-2019-GBP-H4.png

The price has been rising since the last bullish 'Thorn' formed. The main intraday target is the next resistance at 1.2814, so we could have a new local high soon. However, if a pullback from this level happens little later on, bears will probably try to test the nearest support at 1.2738 - 1.2695.

8-1-2019-GBP-H1.png

There's a local consolidation right above the broken downtrend line. It's likely that the pair is going to test the closest support at 1.2732 - 1.2718 during the day. The subsequent pullback from this area could lead to an upward price movement towards another resistance at 1.2814 - 1.2839.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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