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GBP/USD: correction is coming
The price is consolidating above the local uptrend. Therefore, the pair is likely going to decline towards a support at 1.2476 – 1.2439 in the short term. Considering a “Double Bottom” pattern, bulls will probably try to achieve the nearest resistance at 1.2556 – 1.2584 later on.
We’ve got a resistance at 1.2511, so there’s a local downward price movement. So, the market is likely going to reach the closest support near the uptrend. At the same time, there’s an opportunity to have a bullish movement towards a resistance at 1.2556 – 1.2584 afterwards.
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