GBP/USD: "Pennant" led to bullish rally

GBP/USD: "Pennant" led to bullish rally

GBP/USD: "Pennant" led to bullish rally

The last “Wedge” has been broken, so the price faced a resistance at 1.2557. Therefore, the market is likely going to test the nearest resistance at 1.2595 – 1.2614. If a pullback from this area happens, bears will probably try to achieve a support at 1.2522 – 1.2506.

GBP/USD: "Pennant" led to bullish rally

The price has been rising since the last “Pennant” was broken. Considering a pullback from the nearest resistance at 1.2557, the market is likely going to test a support at 1.2537 – 1.2522. However, if a pullback from these levels be on the table, there’ll be an opportunity to have a new local high.

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