GBP/USD: 'Pennant' pattern has been broken

GBP/USD: 'Pennant' pattern has been broken

1-5-2018-GBP-H4.png

The last 'Pennant' pattern has been broken, so the price is declining. However, if a pullback from the closest support at 1.3656 happens little later on, there'll be time for an upward correction.

1-5-2018-GBP-H1.png

There's a new local low. It's likely that the pair is going to reach the next support at 1.3656, which could be a starting point for a bullish correction towards the closest resistance at 1.3739.

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