GBP/USD: 'V-Bottom' pattern

GBP/USD: 'V-Bottom' pattern

3-5-2018-GBP-H4.png

There's a 'V-Bottom' pattern, so the market is likely going to test the closest trendline. If a pullback from this level forms little later on, bears will probably try to deliver a new local low.

3-5-2018-GBP-H1.png

The price is rising because of the last 'V-Bottom'. Therefore, the pair is likely going to reach the 55 Moving Average in the coming hours. Meanwhile, if a pullback from this line happens next, there'll be an opportunity to have another decline.

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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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