GBP/USD: bulls going to reach nearest resistance
The price found a support at 1.2974, so we’ve got a “V-Bottom” pattern here. Therefore, bulls are likely going to achieve a resistance at 1.3115 shortly. Meanwhile, considering th previously formed “V-Top” pattern, there’s an opportunity to see an achievement of the next support at 1.2934.
The market plunged last Friday. Finally, bears were stopped by a support at 1.2974, so an upward correction is taking place. The main intraday target is the nearest resistance at 1.3058 – 1.3115. If a pullback from this area happens afterwards, there’ll be a chance to have a new local low.