GBP/USD: developing 'Pennant' pattern

We've got a 'V-Bottom', so the market is consolidating. The main intraday target is the next resistance at 1.3314 - 1.3347. This area could be a starting point for a bearish correction in the direction of the 34 Moving Average.

There's a possible developing 'Pennant', which is about to end. It's likely that the pair is going to test the Moving Averages shortly. If a pullback from these lines happens next, bulls will probably try to reach another resistance at 1.3314 - 1.3347.

Sergey Logachev

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