GBP/USD: bears going to reach support
Yesterday a “Breakaway Gap” was formed, so the price faced a support at 1.2849, which led to a local consolidation. Therefore, it’s likely that the market is going to get a resistance at 1.2883 – 1.2911 in the short term. However, bears are probably going to break the last low afterwards.
The price found a support at 1.2839, so we’ve got a local flat. There’s a possible “Double Bottom” pattern, which could be a departure point for an upward movement in the direction of the nearest resistance at 1.2932 – 1.2951. At the same time, if bulls be stopped here, then there’ll be an opportunity to have another decline.