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GBP/USD: "Double Top" highlights possible decline

GBP/USD: "Double Top" highlights possible decline

The price found a resistance at 1.3214, which stopped bullish rally. So, the market is likely going to decline, so we should keep an eye on the nearest support at 1.3119 – 1.3092. However, if we get a pullback from this area, there’ll be a chance to see a bullish movement towards a resistance at 1.3214 – 1.3247.

GBP/USD: "Double Top" highlights possible decline

There’s a consolidation under a resistance at 1.3214. So, we’ve got a “Double Top” pattern, which has been confirmed enough. In this case, it’s likely to see a decline towards a support at 1.3119 – 1.3092 during the day. At the same time, if a pullback from these levels be on the table, bulls will probably try to deliver a local correction.

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