GBP/USD: bulls going to test next resistance

Read the article on FBS website

19-5-2017-GBP-H4.png

The 55 Moving Average has acted as support, so there's a "V-Bottom" pattern, which pushed the price a little bit higher. Under this circumstances, we should keep an eye on resistance at 1.3023 - 1.3057 as the next bullish target. Meanwhile, if a pullback from this area happens, we could have a downward correction towards support at 1.2945 - 1.2913.

19-5-2017-GBP-H1.png

Bulls found support at 1.2883, so we've got a "V-Bottom" pattern, which led to the current consolidation. Therefore, bears are likely going to get support on the 89 Moving Average, which could be a departure point for another upward price movement in the direction of the next resistance at 1.2988 - 1.3023.

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.