GBP/USD: another pullback from the 34 MA

GBP/USD: another pullback from the 34 MA

7-12-2018-GBP-H4.png

There's another pullback from the 34 Moving Average, so the price is consolidating. Even so, we should keep an eye on the next resistance at 1.2826 - 1.2852 as an intraday target. If a pullback from these levels happens next, bears will probably try to reach the closest support at 1.2763 - 1.2723.

7-12-2018-GBP-H1.png

It seems like there's a 'Pennant' pattern, which is about to end. In this case, the pair is likely going to reach the previously tested resistance at 1.2824 - 1.2839 shortly. Meanwhile, the subsequent pullback from this area could be a starting point for another decline towards 1.2755 - 1.2734.

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