GBP/USD: bearish "Pennant"

GBP/USD: bearish "Pennant"


There's a downward "Wedge", so the market is likely going to decline towards the nearest support at 1.3328 - 1.3278. If a pullback from this area happens little later on, there'll be an opportunity to have an upward price movement in the direction of the closest resistance at 1.3444 - 1.3479


We've got a consolidation, which is taking place under the 34 Moving Average. Also, there's a "Pennant", so bears are likely going to decline towards the next support at 1.3328 - 1.3278. Meanwhile, if a pullback from these levels arrives afterwards, bulls will try to test the nearest resistance at 1.3374 - 1.3404.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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