GBP/USD: "Thorn" pattern

GBP/USD: "Thorn" pattern

21-8-2017-GBP-H4.png

The last "Flag" pattern has been broken, so the price reached support at 1.2830. Also, there's a "Thorn" pattern, so the market is likely going to test the nearest support at 1.2811. If a pullback from this level happens, bulls will have a green light to reach the next resistance at 1.2892 - 1.2911.

21-8-2017-GBP-H1.png

There's a consolidation, which is taking place under the 34 Moving Average. So, the pair is likely going to reach the closest resistance at 1.2892. If we have a pullback from this level, bears will probably try to test support at 1.2930 - 1.2811.

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Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...

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