GBP/USD: 'V-Top' led to decline

GBP/USD: 'V-Top' led to decline

17-10-2018-GBP-H4.png

There's a 'V-Top', so the price is declining. The main intraday target is the nearest support at 1.3072. A pullback from this level could be a starting point for another upward price movement in the direction of the next resistance at 1.3235 - 1.3257.

17-10-2018-GBP-H1.png

The last 'Pennant' pattern pushed the price lower. So, the pair is likely going to decline in the direction of the closest support at 1.3086 - 1.3072. If we have a pullback from this area, bulls will probably try to test another resistance at 1.3193 - 1.3216.

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