GBP/USD: "Triple Top" stopped bulls
The pair found a resistance on the 34 & 55 Moving Averages, which led to form a “V-Top” pattern, so the price finally reached a support at 1.3116. Therefore, the market is likely going to achieve the next support at 1.3015, which is near the main downtrend line. If we see a pullback from here, so we should keep an eye on the important resistance at 1.3471 – 1.3614, because bulls will probably try to close the previously formed “Breakaway Gap”.
The price was declining right after a “Triple Top” arrived at the last high. However, bears found a support on the 55 Moving Average, so we’ve got a “V-Bottom” pattern here, which led to the local upward movement. Under this circumstances, sellers are likely going to test a support at 1.3045 – 1.3015 in the short term, but if a pullback from this area happens later on, there’ll be a chance to see a bullish correction in the direction of a resistance at 1.3226 – 1.3356.