GBP/USD: trend line waiting for bears
The last upward trend has been broken. Bears faced a support at 1.2898, which led to form a “V-Bottom” pattern. So, the price is likely going to decline towards a support near the trend line. At the same time, if we see a pullback from here, there’ll be an opportunity to have a bullish price movement in the direction of the nearest resistance at 1.3056 – 1.3089.
We’ve got a “V-Bottom” pattern, which led to a consolidation under a resistance at 1.2995. Therefore, bears are likely going to test a support near the trend line. Considering a possible pullback from this area, there’s an opportunity to have a price movement towards a resistance by the 55 Moving Average in the short term.