GBP/USD Technical Analysis: Break above 1.3210 would confirm pennant breakout

Omkar Godbole FXStreet Contributor

GBP/USD has created a pennant pattern on the hourly chart - a bullish continuation setup, which usually accelerates the preceding bullish move.

A break above 1.3210 (pennant resistance) would confirm pennant breakout and could be followed by a rally toward 1.33.

However, the bullish case put forward by the higher lows and higher highs pattern, as represented by the rising trendline, would weaken if the pennant is breached to the downside.

Hourly chart

Trend: Bullish above 1.3210

GBP/USD

Overview
Today last price	1.3196
Today Daily Change	-14 pips
Today Daily Change %	-0.11
Today daily open	1.321

Trends
Daily SMA20	1.3194
Daily SMA50	1.3067
Daily SMA100	1.2917
Daily SMA200	1.2979

Levels
Previous Daily High	1.3224
Previous Daily Low	1.3081
Previous Weekly High	1.3312
Previous Weekly Low	1.3003
Previous Monthly High	1.3351
Previous Monthly Low	1.2773
Daily Fibonacci 38.2%	1.3169
Daily Fibonacci 61.8%	1.3136
Daily Pivot Point S1	1.3119
Daily Pivot Point S2	1.3028
Daily Pivot Point S3	1.2976
Daily Pivot Point R1	1.3262
Daily Pivot Point R2	1.3314
Daily Pivot Point R3	1.3405

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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