GBP/USD Is Rising

GBP/USD has been moving to the downside ever since it formed a clear double top on the weekly time-frame at the resistance at 1.4350, but the pair finally found some support at 1.3360. It has formed a very clear hammer candlestick on the same time-frame at that level and it has already begun moving to the upside. Currently the pair has almost reached the resistance at 1.3500, which coincides with the (MA)89 indicator on the same time-frame. Once it does reach it, and it probably will, the question will be whether it will break out above that level or bounce off from it. If the former happens there will probably be a move to the upside towards 1.3800. On the other hand, if the pair bounces off from that resistance it will likely fall back down to test the support at 1.3360 again.