There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Triple Top' pattern
There's a 'Triple Top' pattern, which has been confirmed. So, the pair is likely going to reach the nearest support at 1.3982 - 1.3928 in the short term. A pullback from this area could be a departure point for another decline.
All the Moving Averages have been broken, so the price is consolidating. The main intraday target is the next support at 1.3982 - 1.3928. If we see a pullback from these levels, bulls will probably try to achieve the closest resistance at 1.4065 - 1.4095.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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