GBP/USD: technical analysis
The GBP/USD pair found a resistance at 1.4634 last week and after that the price formed a reversal pattern "Double Top". Afterwards, the downward movement reached a support at 1.4346. With this, it’s very likely that we will see more and more selling pressure towards a range between the support levels 1.4346 - 1.4275. If the bulls take over and the price starts rising from this levels, then it's likely that the pair will test a support area between the 89 Simple Moving Average (SMA) and the level at 1.4564.
The price has found a support at 1.4634 and formed a local pattern "V" bottom, but then the bulls tried to return into the market. When the 89 Simple Moving Average (SMA) was reached, the price entered into a phase of consolidation. In the short-term we can expect a downward movement to the support area between levels 1.4346 - 1.4275, but then the market may to continue growing towards a resistance area between the levels 1.4473 - 1.4564.