GBP/USD: developing 'Pennant' pattern

GBP/USD: developing 'Pennant' pattern

20-8-2018-GBP-H4.png

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.

20-8-2018-GBP-H1.png

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.

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