GBP/USD: developing 'Pennant' pattern

GBP/USD: developing 'Pennant' pattern

9-8-2018-GBP-H4.png

The last 'Pennant' pushed the price lower. Meanwhile, it's likely to have a local upward correction. In this case, we should keep an eye on the nearest resistance at 1.2877 - 1.2904 as a possible starting point for another decline.

9-8-2018-GBP-H1.png

It seems like we're going to have a 'Pennant' pattern soon. If correct, the pair is going to test the closest resistance at 1.2877 - 1.2904 shortly. If a pullback from these levels forms little later on, there'll be a green light for a bearish price movement in the direction of the next support at 1.2851 - 1.2811.

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