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

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

2019-11-11 • Updated

25-1-2019-GBP-H4.png

There's a 'V-Top' pattern, so it's likely to have a downward correction in the short term. In this case, we should watch the nearest support at 1.3047 - 1.3032 as an intraday target. If a pullback from this level happens next, there'll be an opportunity to have another bullish rally towards at 1.3174 - 1.3193.

25-1-2019-GBP-H1.png

We've got a 'Double Top' pattern, which has been confirmed. In this case, the price is likely going to test the closest support at 1.3072 - 1.3047. This area might be a departure point for an upward price movement towards the next resistance at 1.3149 - 1.3193.

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