GBP/USD: 'Pennant' pattern led to decline

GBP/USD: 'Pennant' pattern led to decline


There's a 'Pennant' pattern, which has been broken, so the price is likely going to test the next support area at 1.2753 - 1.2737. If a pullback from these levels happens next, bulls will probably try to reach the nearest resistance at 1.2828 - 1.2844.


The market has broken the local 'Pennant' pattern, so we should keep an eye on the closest support at 1.2753 - 1.2737 as an intraday target. However, if we have a pullback from this area, there'll be an opportunity to have an upward correction in the direction of 1.2796 - 1.2828.



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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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