GBP/USD: "Pennant" pushing price higher
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The market is consolidating between the levels 1.2911 – 1.2774. Also, there’s a “Pennant” pattern, so the pair is likely going to move up towards the nearest resistance at 1.2945. At the same time, if we see a pullback from this level, there’ll be a chance to have a decline in the direction of the closest support at 1.2774 – 1.2727.
The price is moving up and down in a range of the “Pennant”. The 34 Moving Average is acting as a support. In this case, the market is likely going to test the next resistance at 1.2911 – 1.2945 during the day. If a pullback from these levels happens, bears will probably try to reach the 55 Moving Average.