GBP/USD: 'Pennant' points to another decline

GBP/USD: 'Pennant' points to another decline


There's a bearish 'Pennant', so we should keep an eye on the next support at 3177 - 1.3150 as an intraday target. If a pullback from this area happens next, it'll be time for an upward correction in the direction of the closest resistance at 1.3220 - 1.3253.


The pair has broken the last 'Pennant' pattern, so there's a new local low. It's likely that the price is going to achieve the nearest support at 1.3177 - 1.3150, which could be a starting point for a bullish correction.



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