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

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

26-9-2018-GBP-H4.png

Bulls faced with resistance at 1.3172, so there's a 'V-Top' pattern, which means we should keep an eye on the 34 Moving Average as an intraday target. A pullback from this line could be a departure point for a bullish price movement towards the next resistance at 1.3212 - 1.3225.

26-9-2018-GBP-H1.png

There's a 'Double Top' pattern, which has been confirmed. So, it's likely that the pair is going to test the closest support at 1.3118 within the next few hours. If a pullback from this level forms next, bulls will probably try to reach another resistance at 1.3199 - 1.3214.

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GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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