GBP/USD: bears going to deliver new low
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The 34 Moving Average has acted as a resistance, so the price is consolidating. In this case, the pair is likely going to test the closest support at 1.2334, which could be a departure point for a bullish correction in the direction of the nearest resistance at 1.2376 – 1.2402.
The price is consolidating under the Moving Averages. Therefore, the pair is likely going to achieve a support at 1.2347 – 1.2334. If a pullback from this area happens, there’ll be an opportunity to have an upward price movement towards a resistance at 1.2376 – 1.2402.