GBP/USD: 'Pennant' pattern led to decline

GBP/USD: 'Pennant' pattern led to decline

21-6-2018-GBP-H4.png

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.

21-6-2018-GBP-H1.png

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.

gbp

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