GBP/USD: 'Pennant' pattern led to decline

GBP/USD: 'Pennant' pattern led to decline


The price has been declining since the last 'Pennant' was broken. The main intraday target is the next support at 1.3120 - 1.3082, which could be a starting point for a bullish correction.


The 34 Moving Average has acted as resistance, so there's a new local low. However, there's a 'V-Top' pattern, so the market is likely going to test the 34 or 55 Moving Average during the day.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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