GBP/USD: two "Double Top" patterns in a row

GBP/USD: two "Double Top" patterns in a row


The 34 Moving Average has acted as resistance twice, so the market is likely going to achieve the closest support at 1.3120 - 1.3081. If we see a pullback from these levels, bulls will probably try to reach another resistance at 1.3250 - 1.3239.


There are two "Double Top" patterns in a row, but the Moving Averages are acting as support, so we could have a new local high. If a pullback from the nearest resistance at 1.3177 - 1.3182 happens, bears are likely going to reach the next support area.




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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