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GBP/USD: another 'Pennant' pattern

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13-8-2018-GBP-H4.png

Bears faced with support at 1.2705, so the market is consolidating. The main intraday target is the next support at 1.2665. A pullback from this level could be a starting point for a bullish correction towards the nearest resistance at 1.2778 - 1.2811.

13-8-2018-GBP-H1.png

There's another 'Pennant', which hasn't been finished yet. So, we should keep an eye on the closest support at 1.2705 - 1.2665 as the next bearish target. If we have a pullback from these levels next, there'll be a green light for an upward correction.

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