GBP/USD: bearish "Pennant" pattern

GBP/USD: bearish "Pennant" pattern

7-8-2017-GBP-H4.png

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.

7-8-2017-GBP-H1.png

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.

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