GBP/USD: developing 'Pennant' pattern

GBP/USD: developing 'Pennant' pattern

17-8-2018-GBP-H4.png

It seems like there's a developing 'Pennant' pattern. If so, we're about to have another decline. In this case, we should keep an eye on the next support at 1.2661 - 1.2614 as a possible departure point for an upward correction.

17-8-2018-GBP-H1.png

We've got a 'Rising Wedge', which hasn't been finished yet. Therefore, the pair is likely going to test the 89 Moving Average within the next few hours. If we have a pullback from this line, bears will probably try to test the closest support at 1.2665 - 1.2661.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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