GBP/USD: "V-Bottom" pattern

GBP/USD: "V-Bottom" pattern

12-2-2018-GBP-H4 (1).png

All the Moving Averages have been broken. Also, there's a "V-Bottom" pattern, so the price is likely going to test the nearest resistance area at 1.3944 - 1.3979. At the same time, if we see a pullback from these levels, there'll be a moment for another decline.

12-2-2018-GBP-H1 (1).png

We've got a "V-Bottom", so the pair is consolidating. The main intraday target is the 89 Moving Average. If we have a pullback from this line, bears will probably try to deliver a local downward price movement.




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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