20 Oct 2015

GBP/USD BULLISH PENNANT

GBP/USD H4

After the rally last week the rate has been consolidating in what seems to be a bullish pennant formation.

I am looking for an upside break above 1.5505 to scale back in my long position.

The breakout target is the area between 61.8% expansion and previous high at 1.5618-1.5650.

A break below the pennant's support at 1.5425 would invalidate my immediate bullish outlook for the pair.




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