GBP/USD: developing "Pennant" pattern

GBP/USD: developing "Pennant" pattern


There's a "Double Top", which has been confirmed, so the price is consolidating. The main intraday target is the nearest support at 1.3444. If we have a pullback from this level, there'll be an option to have a bullish price movement towards the closest resistance at 1.3652 - 1.3681.


The price is consolidating between the levels 1.3479 - 1.3532. Also, there's a developing "Pennant" pattern. In this case, bears are likely going to achieve the 55 Moving Average, which could be a departure point for another bullish rally.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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