GBP/USD: "Double Top" gets in the way of bulls

8 September 2016, 16:08
Eko Rediantoro

We’ve got a “V-Top” pattern, so the price reached a support at 1.3302. Therefore, the market is likely going to achieve the next support at 1.3277 – 1.3247 in the short term. Considering the previously formed “Double Bottom” pattern, there’s an opportunity to have an upward movement in the direction of a resistance at 1.3440 later on.

The last consolidation under a resistance at 1.3471 was finally ended by yesterday’s bearish rally. However, the price faced a support at 1.3316, so we’ve got an intraday correction in progress. Also, there’s a local “V-Bottom” pattern, so bulls are likely going to get a resistance at 1.3423 – 1.3444 during the day. If a pullback from these levels arrives, there’ll be a chance to have another decline towards a support at 1.3287 – 1.3251.

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