GBP/USD: developing "Triangle"

GBP/USD: developing "Triangle"

11-8-2017-GBP-H4.png

The price is consolidating near the 89 Moving Average. Also, there are two bullish "Thorn" patterns in a row, so the pair is likely going to test the closest resistance at 1.3032 - 1.3047 in the coming hours. If a pullback from these levels happens little later on, there'll be an option to have a downward price movement towards the next support at 1.2982 - 1.2951.

11-8-2017-GBP-H1.png

We've got a "Triangle", so the price is likely going to test the lower side of this pattern in the short term. If a pullback from this level is on the table, bulls will probably try to achieve the nearest resistance at 1.3032 - 1.3047 shortly.

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The 34 MA has acted as support, so the price is consolidating. Meanwhile, the pair is likely going to test the closest resistance.

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