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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

GBP/USD: "Pennant" pushing market lower

GBP/USD: "Pennant" pushing market lower

The price is consolidating along a level at 1.2226. Also, there’s a “Pennant” pattern, so bears are likely going to push the market even lower towards the next support area at 1.2089 – 1.1726 until any bullish pattern arrives. So, if we see a reversal pattern, there’ll be a chance to have an upward correction.

GBP/USD: "Pennant" pushing market lower

There’s a flat, which is taking place under the Moving Averages. Moreover, we’ve got another “Pennant” here, so the price is likely going to continue falling down in the direction of the nearest support at 1.2098 – 1.1726. Meanwhile, there’s an opportunity to have a bullish correction afterwards.

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