GBP/USD: bullish "Pennant" pattern

GBP/USD: bullish "Pennant" pattern

25-7-2017-GBP-H4.png

Bulls faced resistance at 1.3057, so the price is consolidating. Meanwhile, the pair is likely going to achieve the next resistance at 1.3077 in the short term. If a pullback from this level happens, we should keep an eye on the nearest support at 1.3029 - 1.3006 as a bearish target.

25-7-2017-GBP-H1.png

There's a bullish "Pennant" pattern, so the price is likely going to reach the closest resistance at 1.3057 - 1.3077 in the coming hours. Considering a possible pullback from this area, there's an option to have a decline towards the Moving Averages afterwards.

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