GBP/USD: 'Thorn' pattern points to correction

GBP/USD: 'Thorn' pattern points to correction


The price has reached the nearest resistance at 1.3193, so there's a 'Thorn' pattern, which hasn't been confirmed yet. Even so, we're likely going to have a bearish correction soon. In this case, we should keep an eye on the next support at 1.3137 - 1.3107 as an intraday target.


There's a 'V-Top' pattern, so bears are likely going to test the closest support at 1.3124 - 1.3107 within the next few hours. A pullback from this area could be a starting point for a bullish rally in the direction of another resistance at 1.3193 - 1.3216.



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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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