GBP/USD: Gap going to act as resistance
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We’ve got a “Double Top”, which has been confirmed. At the same time, bulls are likely going to test the nearest resistance at 1.2945 – 1.2964. If a pullback from this area happens, bears will probably try to reach the next support at 1.2865 – 1.2816.
The 55 Moving Average has acted as a support, so the price is consolidating. In this case, the pair is likely going to achieve a resistance at 1.2935 – 1.2952. However, if we see a pullback from these levels, there’ll be an opportunity to have a decline towards a support at 1.2865 – 1.2844.