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 all, the pair has a lot of space to move up till its next important resistance level near 1.6730. You can click the image to see the full-size chart:


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