GBP/USD: "Thorn" pattern

GBP/USD: "Thorn" pattern


We've got a new local high, so there's a "Thorn" pattern. In this case, the price is likely going to reach the nearest support area at 1.3320 - 1.3298. This target could be a departure point for an upward price movement in the direction of the next resistance at 1.3370 - 1.3408.


There's a consolidation, which is taking place between the levels 1.3370 - 1.3220. The main intraday target is the closest support at 1.3320 - 1.3298. If a pullback from this area happens little later on, bulls will probably try to achieve another resistance at 1.3370 - 1.3408.



Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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