Local consolidation on GBPUSD

The price has been rising since the last bullish 'Thorn' formed. The main intraday target is the next resistance at 1.2814, so we could have a new local high soon. However, if a pullback from this level happens little later on, bears will probably try to test the nearest support at 1.2738 - 1.2695.

There's a local consolidation right above the broken downtrend line. It's likely that the pair is going to test the closest support at 1.2732 - 1.2718 during the day. The subsequent pullback from this area could lead to an upward price movement towards another resistance at 1.2814 - 1.2839.

gbp

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