GBP/USD: bearish

GBP/USD: bearish "Pennant"

2019-11-11 • Updated

12-5-2017-GBP-H4.png

The 55 Moving Average is acting as a support. Also, there's a "V-Bottom", so the price is consolidating. In this case, bears are likely going to test support at 1.2865 in the short term. If we see a pullback from this level, bulls will probably try to test the 34 Moving Average.

12-5-2017-GBP-H1.png 

We've got a bearish "Pennant", so the market is likely going to achieve the closest support at 1.2830 - 1.2865. However, if a pullback from this area happens, there'll be an opportunity to have an upward price movement towards resistance at 1.2863 - 1.2883.

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