GBP/USD: bearish "Pennant" pattern

GBP/USD: bearish "Pennant" pattern


There's a "Triple Top", so the price is consolidating. The main intraday target is the nearest support area at 1.3120 - 1.3081. Therefore, if a pullback from these levels happens little later on, there'll be an opportunity to have another bullish price movement towards the closest resistance at 1.3221 - 1.3290.


There's a consolidation, which is taking place between the levels 1.3150 - 1.3202. Also, we've got a bearish "Pennant" pattern, so the pair is likely going to achieve the next support at 1.3120 - 1.3077. If a pullback from this area happens, bulls will probably try to reach the nearest resistance at 1.3150.



GBP/USD: "Triple Bottom"

The main intraday target is the next resistance at 1.4011. If a pullback from this level forms afterwards...


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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