GBP/USD Bounced off from 1.2830

GBP/USD has been moving to the downside in a rather choppy manner for the past two weeks or so, but it appears that the move south is either over for now or the pair is beginning yet another of its rather significant retracements on the way down. GBP/USD reached a support at 1.2830 and formed several candlesticks on the four-hour time-frame that were a clear signal for a possible move to the upside – namely an inverted hammer candlestick, a hammer candlestick and a doji candlestick which did briefly break out below the aforementioned support level at 1.2830. Currently the pair is moving to the upside and it has even broken out above the (MA)89 indicator on the same four-hour time-frame. The next target is likely the last high at 1.2926.