There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'V-Top' pattern pushed price lower
All the Moving Averages have been broken. Previously, we had a 'V-Top' pattern. If a pullback from the nearest support 1.3070 happens next, we're going to have an upward correction towards the 34 Moving Average.
The pair is consolidating. It's likely that the market is going to test the next support at 1.3089 - 1.3070. However, a pullback from this area could be a starting point for a correction in the direction of the nearest resistance at 1.3157 - 1.3189.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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