GBP/USD: 'Pennant' pushed price lower

GBP/USD: 'Pennant' pushed price lower

31-10-2018-GBP-H4.png

The last 'Pennant' pattern led to the current decline. However, there's a 'V-Bottom', so we're likely going to have an upward correction towards the nearest resistance at 1.2753 - 1.2784. A pullback from this area could be a starting point for another decline in the direction of the next support at 1.2661 - 1.2634.

31-10-2018-GBP-H1.png

Bears have been stopped by the 'Tripple Bottom' pattern, so there's an opportunity to have a bullish correction. In this case, we should keep an eye on the 55 Moving Average as an intraday target. If a pullback from this line happens little later on, there'll be a moment for a downward price movement to 1.2685 - 1.2661.

gbp

Similar

Latest news

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera