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

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


The market has plunged because of the last 'V-Top' pattern. However, there's a 'Double Bottom', which has been confirmed, so the price is likely going to test the nearest resistance at 1.3143 - 1.3172. A pullback from this area could be a starting point for another bearish rally to 1.3055 - 1.3025.


There's a consolidation, which is taking place under the Moving Averages. It's likely that the pair is going to reach the nearest important resistance at 1.3143 - 1.3172 because of the last 'Double Bottom' pattern. Even so, we should keep an eye on the closest support at 1.3055 - 1.3025 as the next bearish target.



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