There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: bullish 'Pennant' pushing pair higher
There's a bullish 'Pennant', which has been broken. So, the market is likely going to test the closest resistance at 1.3114 - 1.3146 in the coming hours. If a pullback from this area happens next, there'll be a moment for a bearish correction towards the nearest support at 1.3032 - 1.3010.
Bulls faced with resistance at 1.3073. In this case, it's likely to have a local downward correction in the direction of 1.3047 - 1.3032. Even so, we're likely going to have another bullish rally to 1.3109 - 1.3149 afterwards.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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