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GBP/USD: "Pennant" strongly supports buyers

Sergey Logachev

GBP/USD: "Pennant" strongly supports buyers

The pair entered into a consolidation phase since the downtrend line was broken. The price found a resistance at 1.4692, but it’s likely that the market is going to reach the next resistance at 1.4797 in the short term.

GBP/USD: "Pennant" strongly supports buyers

There’s a flat in progress, which brought a possible “Pennant” pattern. So, the price is likely going to the next resistance at 1.4692 – 1.4738. If we see a pullback from this area, there’ll be a chance for a downward correction to happen. 

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