GBP/USD: "Pennant" pattern

GBP/USD: "Pennant" pattern


The market is consolidating between the levels 1.3444 - 1.3328. At the same time, there's a downward "Wedge", so the pair is likely going to reach the nearest resistance at 1.3479 - 1.3533 in the short term. If a pullback from this area happens, we could have a decline towards the closest support at 1.3444 - 1.3374.


There's a downward "Wedge", so the price is consolidating. Also, we've got a "Pennant" pattern, so bulls are likely going to achieve the next resistance at 1.3479 - 1.3513 during the day. However, if we have a pullback from this area, there'll be an opportunity to have a downward price movement in the direction of support at 1.3404 - 1.3374.



EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



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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