GBP/USD: bearish "Pennant"

GBP/USD: bearish "Pennant"


The price is consolidating between the levels 1.3032 - 1.3047. Also, there's a "Flag" pattern, so bears are likely going to achieve the closest support at 1.2926 - 1.2951. If a pullback from this area happens, we should keep an eye on the nearest resistance at 1.3013 - 1.3032 as an intraday bullish target.


The 55 Moving Average has acted as resistance, so we've got a "Triple Top" pattern. At the same time, there's a "Pennant", so the market is likely going to test the next support at 1.2926 - 1.2951 in the coming hours. Considering a possible pullback from these levels, there's an option to have a bullish price movement towards resistance at 1.2997 - 1.3013 little later on.



Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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