GBP/USD: the market get bogged down in a flat morass
There’s a flat between the nearest resistance at 1.3289 and support at 1.3116. So, the price is likely going to reach the 89 Moving Average in the short term. However, if a pullback from this line arrives, then another downward movement will be on the table.
The price is moving along the Moving Average lines. Also, we’ve got a “Pennant” pattern, so the market is likely going to reach a support at 1.3148 – 1.3116 during the day. Nevertheless, bulls are still in the game, which means an achievement of the next resistance at 1.3313 – 1.3336 is a still possible.