GBP/USD Forecast: local ‘Pennant’ pattern

gbp-l3The pair is still consolidating above the Moving Averages. It’s likely that the price is going to test the closest support at 1.2706. If a pullback from this level forms next, there’ll be time for another upward price movement towards the next resistance at 1.2796 – 1.2814.

The Moving Averages are still acting as support. It seems like there’s a local ‘Pennant’ pattern, which means the market is going to test the nearest support at 1.2706 – 1.2695. Meanwhile, a pullback from this level could lead to a bullish rally in the direction of the last high.

GBP/USD H4

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GBP/USD H1

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