GBP/USD: 'Pennant' pattern
The market is likely going to achieve the next resistance at 1.3172 - 1.3212 within the next few hours...
GBP/USD: decision time for the pound
On the daily chart, GBP/USD broke down through the lower border of the rising trend channel. The return above resistance at 1.2770 will strengthen the possibility of the pound increase to 1.2900. On the other hand, decline below 1.2640 will lead the pair down to 1.2500 and 1.2400.
On H1, in the case of the successful test of 1.2770 bulls can count on the realization if the inverted “Bat” pattern. Its 78.6% and 88.6% targets correspond to 1.2905 and 1.2940. On the contrary, recoil from the convergence area of 1.2755-1.2770 to the downside will return control of the pair to bears.
Ivan Karamazov
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