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

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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

 

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