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.
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.