GBP/USD: technical analysis
The GBP/USD pair has a local up-trend on the four-hour chart. The price is moving in a range between the resistance level at 1.4564 and the support level at 1.4346. A support has been found at the level 1.4408 and the market started a correction from it. It's likely that the downward movement will go on to a support area between the levels 1.4408 - 1.4346. At the same time, there’s a possibility that bulls are going to come back to the market afterwards.
We’ve got a local up trend and a “Triangle” pattern on the one-hour chart. There’s a flat in progress between the support level at 1.4408 and the resistance level at 1.4530. It’s likely to see an upward movement towards a resistance area between the levels 1.4473 - 1.4530 in the short term. If bears take over and the price starts falling from these levels, then it's likely that the pair will test a support area between the levels 1.4378 - 1.4346.