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: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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