GBP/USD: "Double Top" stopped bulls
We’ve got a new high, but bulls have been stopped by the 34 & 55 Moving Averages. Also, there’s a “V-Top” pattern, which led to the current local correction. So, the market is likely going to get a support at 1.3015 – 1.2954. At the same time, if a pullback from these levels arrives, bulls will have a chance to achieve a resistance at 1.3119 – 1.3173.
The price faced a resistance at 1.3101, so we’ve got a consolidation on the one-hour chart. There’s a “Double Top” pattern, which has been confirmed. Under this circumstances, bears are likely going to reach the 34 Moving Average, which is strong enough to reverse the price movement into an upward direction.