GBP/USD: 'Pennant' pushed the pair lower

The last 'Pennant' pushed the pair lower. It's likely that the market is going to reach another support at 1.2877 - 1.2851. This area could be a departure point for an upward price movement in the direction of the nearest resistance at 1.2932 - 1.2957.

The price has broken the Pennant's lower side, so there's a new local low. The main intraday target is the next support at 1.2877 - 1.2851. A pullback from this area could lead to the bullish correction.

Sergey Logachev

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