GBP/USD: 'V-Bottom' points to bullish correction

GBP/USD: 'V-Bottom' points to bullish correction

7-8-2018-GBP-H4.png

The pair has been declining since the last 'Triangle' was broken. Also, we've got a 'V-Bottom', so there's an opportunity to have a local upward correction. In this case, we should keep an eye on the closest resistance at 1.3008 as a possible departure point for another decline.

7-8-2018-GBP-H1.png

We've got a 'V-Bottom', which has been confirmed by the last 'Pennant'. At the same time, it's likely to have a local bearish correction towards the nearest support at 1.2932. If we have a pullback from this level next, bulls will try to test the next resistance at 1.2974 - 1.2994.

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