GBP/USD: "Thorn" pattern

GBP/USD: "Thorn" pattern

5-11-2017-GBP-H4.png

There's a "Double Bottom" pattern, which has been confirmed, so there's an upward price movement. However, we've got a bearish "Thorn" pattern, so the market is likely going to test the nearest support at 1.3026 - 1.2994. This area could be a departure point for a bullish correction.

5-11-2017-GBP-H1.png

The 34 Moving Average has acted as resistance, so there's a "Thorn" pattern, which has confirmation. Nevertheless, bulls are likely going to test the closest resistance at 1.3190 during the day. If a pullback from this level happens, there'll be an option to have another decline towards the last low.

gbp

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