GBP/USD Forecast: “Pennant” pattern

com-l4The price is consolidating along the 34 Moving Average. Considering that there’s a “Double Top” pattern, the market is likely going to test the closest support at 1.3336. If a pullback from this level happens little later on, we could have an upward price movement towards the next resistance at 1.3430 – 1.3454.

There’s a “Pennant” pattern, so the pair is likely going to test the nearest support at 1.3336. However, if we have a pullback from this level, there’ll be an opportunity to have a bullish price movement in the direction of the closest resistance at 1.3408 – 1.3430.

GBP/USD H4

7-12-2017-GBP-H4.png

GBP/USD H1

7-12-2017-GBP-H1.png

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