GBP/USD: bearish "Pennant" pattern

GBP/USD: bearish "Pennant" pattern


The 89 Moving Average has acted as support, so the price is consolidating. It's likely that the market is going to reach the nearest support at 1.2997 - 1.2982 in the short term. Meanwhile, if a pullback from these levels happens, bulls will have a green light to achieve the closest resistance at 1.3083.


There's a bearish "Pennant" pattern, so the pair is likely going to continue moving down. The main intraday target is the next support at 1.2997 - 1.2982. This area could be a departure point for a bullish price movement in the direction of the nearest resistance at 1.3083.




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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