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

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

12-2-2019-GBP-H4.png

The pair has been declining since the last 'V-Top' formed. The main intraday target is the next support at 1.2830 - 1.2803. If a pullback from this area happens next, there'll be an opportunity to have an upward correction in the direction of the closest resistance at 1.2899 - 1.2910.

12-2-2019-GBP-H1.png

There's a bearish 'Flag', which led to forming a new local low. Previously, we had a couple of 'V-Top' patterns. In this case, it's likely that the market is going to achieve another support at 1.2830 - 1.2803 in the coming hours. The subsequent pullback from this area could be a departure point for a bullish correction towards the 34 Moving Average.

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

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