GBP/USD: possible "Pennant" pattern

GBP/USD: possible "Pennant" pattern

20-7-2017-GBP-H4.png

Bears faced support at 1.3006, so the price is consolidating near this level. Nevertheless, the market is likely going to decline towards the 34 & 55 Moving Averages. If a pullback from these lines happens, there'll be an opportunity to have a new local high.

20-7-2017-GBP-H1.png

The price is consolidating in a range of a possible "Pennant" pattern. So, bulls are likely going to test the nearest resistance at 1.3057. At the same time, bears will probably try to achieve support at 1.2982 - 1.2926 afterwards.

gbp

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