GBP/USD: support waiting for bears
We’ve got a “Triple Bottom” pattern, which led to the current upward price movement. Bulls faced a resistance at 1.3345 last Friday, so there’s a local consolidation. Therefore, the market is likely going to reach a support at 1.3277 – 1.3247 in the short term. However, if a pullback from this area happens, bulls will probably try to move on.
The price faced a resistance at 1.3370, so there’s a “V-Top” pattern at the local high. It’s likely that bulls are going to test this resistance once again, but if we see a pullback from this level, there’ll be a chance to have another decline.