GBP/USD: technical analysis
The main trend on the four-hour chart is bearish, but the price has been correcting since Monday. It’s likely to see a downward movement to a support area between the levels 1.3878 - 1.3834, but then the market might start rising towards a resistance area at 1.3958 – 1.4042.
There's a local downward trend on the one-hour chart. Yesterday a “Pennant” pattern was ended and a “V-Top” arrived afterwards. It's likely that the pair will go higher to a resistance at 1.4018. However, the price might form a pullback from the trend line and go to a new downward movement to a support area between the levels 1.3878 – 1.3834.