GBP/USD: "Pennant" urge bears to move on
The pair has achieved a support at 1.2863, which led to form a “V-Bottom” pattern, so we’ve got a consolidation in progress. Under this circumstances, the market is likely going to rise towards the nearest resistance at 1.3116 – 1.3226. If a pullback from this area arrives afterwards, bears will probably try to get a support at 1.2862, which can bring a new low.
We’ve got a “V-Bottom”, so the price reached a resistance at 1.3015. Therefore, the market is likely going to reach the next resistance at 1.3116 – 1.3204 in the short term. However, bears are still in the game, so it’s possible to see the price near the important support at 1.2863 – 1.2795, which is near the main downward trend.