GBP/USD: 'V-Bottom' led to consolidation

GBP/USD: 'V-Bottom' led to consolidation


The price is consolidating after a 'V-Bottom' was formed. It's likely that the 34 Moving Average is going to act as resistance. If so, there'll be a green light for another decline.


We've got a 'V-Bottom', so the market is going to test the 89 Moving Average. A pullback from this line could be a departure point for a bearish price movement.



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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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