GBP/USD: last bullish 'Pennant' has been broken

GBP/USD: last bullish 'Pennant' has been broken

22-5-2018-GBP-H4.png

There's a 'V-Bottom', so the pair is likely going to test the nearest resistance area at 1.3549 - 1.3568. A pullback from these levels could be a starting point for another decline in the direction of the next support at 1.3419 -1.3380.

22-5-2018-GBP-H1.png

The last bullish 'Pennant' has been broken, so the price is rising. However, the 55 Moving Average acted as resistance. Therefore, we're going to have a bearish correction towards the closest support at 1.3419. If a pullback from this level happens next, bulls will probably try to reach another resistance at 1.3527 - 1.3568.

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