GBP/USD: resistance waiting for bulls

GBP/USD: resistance waiting for bulls


The price is consolidating under the 34 Moving Average, so there's a possible developing "Rising Wedge" pattern. Under this circumstances, bears are likely going to test the nearest support at 1.2738 - 1.2705. If a pullback from this area happens, there'll be an opportunity to have a bullish price movement in the direction of the next resistance at 1.2768 - 1.2793.


There's a consolidation, which is taking place along the Moving Averages, so bulls are likely going to achieve the closest resistance at 1.2804 - 1.2817 in the coming hours. However, if we have a pullback from this area, the pair will probably try to catch support at 1.2738 - 1.2705.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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