GBPUSD Short - Pennant
There is a Pennant forming on the GBPUSD 15min Chart. There was a strong Downtrend that started late last night. It has since consolidated and forming the pennant. This pennant is in the form of a right triangle. The top of the triangle being the 1.3155 resistance level.
Fundamentally, it makes sense to be short this pair as well. USD has been strong with the talk of a tax plan that will be business friendly. However, there has been talk that that could fail. There is still hope. There is also talk that Yellen will not be brought back as FED chairman. USD will more than likely be bullish on an anybody but Yellen selection.
Fundamentally, it makes sense to be short this pair as well. USD has been strong with the talk of a tax plan that will be business friendly. However, there has been talk that that could fail. There is still hope. There is also talk that Yellen will not be brought back as FED chairman. USD will more than likely be bullish on an anybody but Yellen selection.
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