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GBP/USD: 'Pennant' pushed the price higher

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The pair has been rising since the last 'Thorn' pattern formed. It's likely that the market is going to reach the nearest resistance at 1.2738 during the day. If a pullback from this level happens next, there'll be time for a decline towards the closest support at 1.2615 - 1.2606.

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The last 'Pennant' pattern pushed the price higher. All the Moving Averages have been broken. The main intraday target is the next resistance at 1.2732 - 1.2738. The subsequent pullback from this area could lead to another decline.

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