There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Thorn' led to current consolidation
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.
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.
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