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GBP/USD: "Double Top" is Still in the Game

Sergey Logachev

GBP/USD: "Double Top" is still in the game

The market has been trading in a range on the current flat since the downtrend line was broken. So, the price is likely going to test a resistance at 1.4426 once again. If  we see a pullback from this level, a decline becomes possible, so the nearest support zone at 1.4343 – 1.4305 will be the main target for bears soon.

GBP/USD: "Double Top" is still in the game

There's a “V-Top” at the last high, which brought the current downward movement. Finally, the price faced a support on the 55 Moving Average, so currently we've got an upward correction. It's likely that the market is going to achieve a resistance at 1.4369 – 1.4405 during the day. Considering a possible pullback from this area, a possibility to see the pair near the last low remains a quite high.

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