GBP/USD: technical analysis
There’s a local bullish trend on the GBP/USD pair. The price is moving in a range between the resistance level at 1.4634 and the support level at 1.4346. A “Double Bottom” pattern was formed on Monday. It's likely that the upward movement will go on to a resistance area between the levels 1.4634 - 1.4667. However, there’s a huge possibility that bears are going to come back to the market afterwards.
We’ve got a local up trend on the one-hour chart. There’s a flat in progress between the support level at 1.4346 and the resistance level at 1.4564. It seems like in the short term the downward correction will go on towards a support area between the 89 Simple Moving Average and the level at 1.4408. If bulls take over and the price starts rising from this levels, then it's likely that the pair will test a resistance area between the levels 1.45648 - 1.46340.