GBP/USD: "Thorn" pattern

GBP/USD: "Thorn" pattern


Bulls faced with resistance at 1.3913, so there's a bearish "Thorn" pattern. The main intraday target is the closest support at 1.3765 - 1.3730. Meanwhile, if a pullback from this area is on the table, the pair will probably try to reach another resistance at 1.3913 - 1.3942.


There's a "V-Top" pattern, so the price is consolidating. It's likely that the market is going to test the closest resistance at 1.3834 - 1.3871. If we have a pullback from these levels, there'll be a moment to have a decline towards another support at 1.3765 - 1.3730.




Morning brief for May 30

 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…

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