GBP/USD: "V-Bottom" pattern

GBP/USD: "V-Bottom" pattern

6-7-2017-GBP-H4.png

Bears faced support at 1.2887, so there's a "V-Bottom" pattern, which pushed the price to the nearest resistance at 1.2947. Moreover, bulls are likely going to reach the next resistance at 1.2964 - 1.2976. Considering the previously formed "Double Top", bears will probably try to achieve support at 1.2926 - 1.2887 afterwards.

6-7-2017-GBP-H1.png

The price is consolidating near the 89 Moving Average, so bulls are likely going to test the nearest resistance at 1.2964 - 1.2976. If a pullback from this area happens, there'll be an option of having a decline towards the 89 Moving Average.

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