GBP/USD: "Pennant" highlights increasing bullish pressure
We’ve got a “Double Bottom” pattern above a support at 1.3015, so the price reached a resistance at 1.3183. In this case, bulls are likely going to achieve a resistance at 1.3214 – 1.3247 in the short term. If a pullback from these levels be on the table, then a bearish correction becomes possible.
There’s a consolidation above a support at 1.3119. Also, there’s a “Pennant” pattern, so the pair is likely going to get a resistance at 1.3214 – 1.3247. At the same time, if we see a pullback from this area, there’ll be an opportunity to have a correction in the direction of the nearest support at 1.3119 – 1.3092.