Another 'V-Top' pattern on GBPUSD

The 34 Moving Average has acted as resistance. Previously, we had a 'Triple Top' pattern, which led to the current upward price movement. It's likely that the pair is going to test the 55 Moving Average shortly, but even so, we should be ready for another decline towards the nearest support at 1.2784 - 1.2763.

There's another 'V-Top' pattern, but the price is still above the Moving Averages, so we could have a new local high shortly. Nevertheless, there's an opportunity to have a bearish price movement towards 1.2805 - 1.2795 in the coming hours.

gbp

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