GBP/USD: 'Pennant' pattern pushing price lower

GBP/USD: 'Pennant' pattern pushing price lower

2019-11-11 • Updated

30-11-2018-GBP-H4.png

The 34 Moving Average has acted as resistance, so there's a 'Double Top'. Also, we've got a 'Pennant' pattern, so the pair is likely going to reach the nearest support at 1.2728 - 1.2723 in the coming hours. The subsequent pullback from this area could lead to an upward correction.

30-11-2018-GBP-H1.png

The market is consolidating under the Moving Averages. The 'Pennant' pattern is about to end, which means we're likely going to have a decline shortly. The main intraday target is the next support 1.2728 - 1.2723. If a pullback from these levels happens next, there'll be a moment to have a correction to 1.2777 - 1.2795.

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