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GBP/USD: bears poking fun at bulls in the Pennant

Sergey Logachev

GBP/USD: bears poking fun at bulls in the "Pennant"

The price has been falling down since a “Triple Top” arrived at the last high. We’ve got a support at 1.4117, but this is likely not the end of the current bearish rally. The market is probably going to get a support at 1.4052. If so, bulls will have an opportunity to achieve a resistance at 1.4170.

GBP/USD: bears poking fun at bulls in the "Pennant"

As we can see on the one-hour chart, the up trend line has been broken. There’s a possible “Pennant” pattern, so the pair is likely going to reach a support at 1.4056. If a pullback appears from this level, then it’ll be a chance to see at least a local correction.

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