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.




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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