GBP/USD: Moving Average waiting for bulls
We’ve got a “Thorn” pattern, so the price reached a support at 1.2877. Also, here’s a new local low. Under this circumstances, bears are likely going to move on towards a support at 1.2849 – 1.2795. If we see a pullback from these levels, there’ll be an opportunity to have a local upward correction.
The price found a support at 1.2906, so we’ve got a consolidation in progress. In this case, it pair is likely going to achieve the 34 Moving Average in the short term. If this line acts as a resistance, bears will try to deliver a new low shortly.