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GBP/USD: "V-Top" led to the local correction

GBP/USD: "V-Top" led to the local correction

The downtrend has been broken, which is an important sign of the bullish power. At the same time, we’ve got a “V-Top” at the last high, which points to a possible local correction. The main goal for this movement is a support at 1.4515. If we see a pullback from this level, bulls will have a good reason to go on and reach a resistance at 1.4669 – 1.4695.

GBP/USD: "V-Top" led to the local correction

We’ve got a local “Wedge” on the one-hour chart, which led to the yesterday’s rise. Currently we’ve got a correction in progress because of a “V-Top” pattern. So, the price is likely going to achieve the nearest support at 1.4529 – 1.4522. If a pullback from these levels arrives afterwards, there’ll be a chance to see a new high shortly.

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