There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: developing 'Pennant' pattern
It seems like there's a developing 'Pennant' pattern, which hasn't been finished yet. Even so, the price is likely going to test the next support at 1.2665 - 1.2661. Meanwhile, if a pullback from the area forms afterwards, there'll be a moment for another decline.
The pair is still consolidating between the levels 1.2665 - 1.2764. Also, it's likely to have a 'Rising Wedge', which means we should keep an eye on the 89 Moving Average as a possible beginning of a bearish price movement.
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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