GBP/USD: "V-Bottom" pattern

GBP/USD: "V-Bottom" pattern


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.


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.




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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