GBP/USD: 'V-Bottom' led to bullish rally

GBP/USD: 'V-Bottom' led to bullish rally

1-11-2018-GBP-H4.png

The price is rising because of the last 'V-Bottom' pattern. The main intraday target is the next resistance at 1.2969 - 1.2989. If a pullback from this area happens little later on, there'll be a moment for a decline towards the nearest support at 1.2897 - 1.2866.

1-11-2018-GBP-H1.png

All the Moving Averages have been broken. Also, there's a 'Flag' pattern. It's likely that the pair is going to reach the nearest resistance at 1.2969 - 1.2989 within the next few hours. A pullback from these levels could be a starting point for a downward correction.

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