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    GBP/USD: decline after the "Double Top"

    GBP/USD: decline after the "Double Top"

    The last flat was finally broken by bears. Previously, a “Double Top” was formed at the last high, which led to current downward movement. The market is likely going to reach a support at 1.4343 – 1.4305. If sellers be stopped here, then buyers will have a chance to achieve a resistance at 1.4515.

    GBP/USD: decline after the "Double Top"

    As we can see on the one-hour chart, the current local trend is a still bullish. There’s a “Double Top” pattern, which has been confirmed. The pair reached a support at 1.4371, which led to a local flat. It’s likely that the flat will be finally broken by bears, so a support at 1.4343-1.4305 is going to be the main target. At the same time, if a pullback from this area appears, then bulls might take a revenge and focus on a resistance at 1.4515.


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