GBP/USD: bearish "Pennant" pattern

GBP/USD: bearish "Pennant" pattern

28-7-2017-GBP-H4.png

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.

28-7-2017-GBP-H1.png

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.

gbp

Similar

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...

gbp

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera