GBP/USD: 'Thorn' led to current consolidation

GBP/USD: 'Thorn' led to current consolidation

1-8-2018-GBP-H4. (2).png

The last 'Thorn' pattern led to the current consolidation. It's likely that the market is going to test the closest resistance at 1.3157 - 1.3172. This area could be a starting point for a decline towards the nearest support at 1.3132 - 1.3101.

1-8-2018-GBP-H1..png

The market is consolidating under the Moving Averages. The main intraday target is the next support at 1.3101 - 1.3081. If a pullback from these levels forms next, we're likely going to have a bullish price movement towards another resistance at 1.3157 - 1.3172.

gbp

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GBP/USD: confirmed "Thorn" pattern

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