GBP/USD: price declining because of 'Pennant' pattern

GBP/USD: price declining because of 'Pennant' pattern


There's a 'Pennant' pattern, which has been broken, so the price is declining. The main intraday target is the next support at 1.3174 - 1.3125. A pullback from this area could be a departure point for a bullish correction.


We've got a 'Thorn' pattern at the last local low. In this case, the pair is going to test the closest resistance at 1.3292. If a pullback from this level happens next, there'll be a green light for another decline.



Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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