GBP/USD: developing "Pennant" pattern

We've got a local "V-Top", so the price is consolidating. Also, there's a possible "Pennant" pattern, so the pair is likely going to test another support at 1.3221 - 1.3150. Meanwhile, if we have a pullback from these levels, there'll be an opportunity to have a bullish price movement towards the closest resistance at 1.3342 - 1.3400.

The price is still consolidating. Also, there's a possible developing "Pennant" pattern. Therefore, bears are likely going to test the nearest support at 1.3221 - 1.3202. If a pullback from this area happens, we should keep an eye on the nearest resistance at 1.3290 - 1.3342 as an intraday target.

gbp

Similar

25.03.2022 14:28 Trade ideas for March 28 - April 1

Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!

06.07.2021 09:57 GBP/USD Near Supply Zone

GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.

05.05.2021 10:50 Forex majors: short-term and long-term

Discover the outlook for EUR/USD, EUR/GBP, and GBP/USD.

Latest news

03.04.2024 18:19 USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

28.03.2024 16:00 WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.