Day: April 24, 2011

GBP/USD — Pennant Chart Pattern on H4

The GBP/USD currency pair has formed a somewhat sloped pennant chart pattern on the H4 chart during Thursday-Friday. The “pole” part is formed by three bullish candles, while the “pennant” itself is formed by the consolidation trading period of 9 4-hours candlesticks. Pennant is a continuation pattern — if the price closes above the upper border of the pennant, a bullish wave should be expected, otherwise it’s not recommended to trade it. After […]