GBP/USD: "Thorn" pattern

GBP/USD: "Thorn" pattern

26-11-2017-GBP-H4.png

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.

26-11-2017-GBP-H1.png

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.

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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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