GBP/USD: "Pennant" highlight possibility of more bullish pressure
We’ve got a correction in progress. The price has already faced a resistance at 1.3339, which brought a local decline into the market. Therefore, bulls are likely going to reach the 89 Moving Average in the short term. However, if a pullback from this line happens, there’ll be an opportunity to have a bearish movement towards a support at 1.3226 – 1.3116.
There’s a “Pennant”, so the price is likely going to test a resistance at 1.3400 – 1.3445 during the day. Considering a possible pullback from this level, we should keep an eye on the nearest support at 1.3313 – 1.3289.