GBP/USD: bearish "Pennant" pattern

GBP/USD: bearish "Pennant" pattern


Bulls faced resistance at 1.3137, so there's a "Double Top" pattern, which pushed the price to support at 1.3057. It's likely that bears are going to reach another support at 1.3029 in the short term. Meanwhile, if a pullback from this level arrives afterwards, there'll be an option to have an upward price movement in the direction of the nearest resistance at 1.3158 - 1.3184.


The price is consolidating above support at 1.3057. At the same time, there's a "Pennant" pattern, so the market is likely going to achieve the next support 1.3029 during the day. If a pullback from this level happens, we should keep an eye on the next resistance as an intraday target.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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