GBP/USD: consolidation going to be continued
We’ve got a downward consolidation, which is taking place on the four-hours chart. So, the market is likely going to decline towards a support at 1.2089 in the short term. If any bullish pattern arrives afterwards, there’ll be an opportunity to have an upward correction.
There’s a local “Double Bottom” pattern, which has been confirmed. However, if we see a pullback from the nearest Moving Average, bears are likely going to move on. So, we should keep an eye on the nearest support line as an intraday target.