GBP/USD: "V-Top" pattern

GBP/USD: "V-Top" pattern

31-7-2017-GBP-H4.png

The price faced resistance at 1.3158, so we've got a "V-Top" pattern, which pushed the pair to support at 1.3116. In this case, bears are likely going to test the next support at 1.3083 during the day. If a pullback from this level happens, there'll be an option to have a new local high.

31-7-2017-GBP-H1.png

There's a consolidation, which is taking place between the levels 1.3158 - 1.3116. Also, there's a "Double Top" pattern, so the price is likely going to achieve the 34 Moving Average. However, if we see a pullback from this line little later on, bulls will have a green light to reach the closest resistance at 1.3158 - 1.3184.

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