There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
GBP/USD: 'Pennant' pattern led to decline
The market has been declining since the last 'Pennant' pattern was broken. Meanwhile, if we see a pullback from the nearest support at 1.3457 - 1.3425, there'll be an opportunity to have a correction in the direction of the closest resistance at 1.3549 - 1.3612.
The price is consolidating under the Moving Averages. It's likely that the pair is going to test the next support at 1.3493 - 1.3457 in the short term. However, if a pullback from this target forms little later on, bulls will probably try to deliver an upward correction.
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