GBP/USD: 'Pennant' points to another advance

GBP/USD: 'Pennant' points to another advance

16-1-2019-GBP-H4.png

All the Moving Averages have acted as support, so there's a 'V-Bottom' pattern. In this case, the pair is likely going to reach the previously tested resistance at 1.2927 - 1.2946. If a pullback from this area happens next, there'll be a moment for another decline towards the nearest support at 1.2839 - 1.2814.

16-1-2019-GBP-H1.png

It seems like there's a 'Pennant' pattern, so we're about to have another bullish price movement. In this case, we should watch the closest important resistance at 1.2930 - 1.2057 as an intraday target. The subsequent pullback from these levels could lead to the beginning of a downward correction.

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