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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

GBP/USD: "Triple Top" points to bear's reappearance

GBP/USD: "Triple Top" points to bear's reappearance

The price was consolidating along a resistance at 1.3339, which ended up by the massive decline. However, bears faced a support at 1.3119, which led to the current local upward movement. So, sellers are likely going to move on. The main intraday target is a support at 1.3015 – 1.2945. Considering a possible pullback from this area, an bullish correction becomes possible later on.

GBP/USD: "Triple Top" points to bear's reappearance

We’ve got a “Triple Top” pattern, which led to the yesterday’s dramatically fast downward price movement. Therefore, it’s likely to see a local bullish correction during the day, because there’s a pullback from the nearest support at 1.3116. At the same time, bears are so strong, which makes possible an achievement of the next support at 1.3071 – 1.3017.

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