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.

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