GBP/USD: 'Pennant' points to another decline

GBP/USD: 'Pennant' points to another decline


There's a 'V-Top' pattern, so the price is likely going to test the nearest support at 1.3047 - 1.3032 in the short term. If a pullback from this area happens next, there'll be a green light for another upward price movement. In this case, we should watch the next resistance at 1.3216 - 1.3235 as a bullish target.


It seems like there's a 'Pennant' pattern. If correct, the pair is going to achieve the 55 Moving Average. The subsequent pullback from this line could lead to an upward price movement in the direction of the previously tested resistance at 1.3193 - 1.3216.



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