GBP/USD: "V-Bottom" pattern

GBP/USD: "V-Bottom" pattern

10-7-2017-GBP-H4.png

Bears faced support at 1.2860, so there's a "V-Bottom" pattern, which pushed the price to resistance at 1.2915. Therefore, the price is likely going to decline in the direction of the 89 Moving Average. However, if a pullback from this line arrives afterwards, there'll be an option to have the price higher, so we should keep an eye on the nearest resistance at 1.2926 - 1.2947 as an intraday target.

10-7-2017-GBP-H1.png

The price found support at 1.2860, so we've got a "Triple Top", which led to decline to the 89 Moving Average. Also, there's a developing "Flag" pattern, so the pair is likely going to test the next resistance at 1.2915 - 1.2926 during the day. Meanwhile, if a pullback from this target happens, bears will probably try to achieve support at 1.2860 - 1.2830.

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