The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
GBP/USD: "Thorn" pattern
The price is still consolidating near the Moving Averages. It seems like the pair is going to test the nearest support area at 1.2891 - 1.2877. However, if a pullback from these levels arrives later on, there'll be an option to have a bullish price movement towards the closest resistance at 1.2958 - 1.2989.
There's a "Thorn" pattern, so the price is consolidating. Therefore, the pair is likely going to test the 89 Moving Average. If a pullback from this line happens, bulls will have a green light to achieve another resistance at 1.2942 - 1.2958.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.