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

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

8-11-2017-GBP-H4.png

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.

8-11-2017-GBP-H1.png

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.

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