GBP/USD: 'Pennant' pattern pushing price lower
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The 34 Moving Average has acted as resistance, so there's a 'Double Top'. Also, we've got a 'Pennant' pattern, so the pair is likely going to reach the nearest support at 1.2728 - 1.2723 in the coming hours. The subsequent pullback from this area could lead to an upward correction.
The market is consolidating under the Moving Averages. The 'Pennant' pattern is about to end, which means we're likely going to have a decline shortly. The main intraday target is the next support 1.2728 - 1.2723. If a pullback from these levels happens next, there'll be a moment to have a correction to 1.2777 - 1.2795.