9 Aug 2016

GBP/USD - BEARISH PENNANT BREAK

GBP/USD DAILY

The interest rate cut and upping the Bank of England's QE program was enough of a factor to make the rate break down the consolidation period after the massive Brexit drop.

The rate had formed a bearish pennant which has now triggered and the immediate attention should be turned lower to the approximate 61.8% breakout target at around the major psychological level at 1.2000.

Only a daily close above the falling gap resistance above 1.3600 would invalidate my immediate bearish outlook for the pair.





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