GBP/USD Technical Analysis: GBP has charted a bearish continuation pattern

• The hourly chart shows the GBP/USD pair has created a pennant pattern -  a bearish continuation pattern, meaning a downside break would open the doors to 1.30 (psychological level).
• An upside break would abort the immediate bearish outlook.

Hourly chart

Spot Rate: 1.3104

Daily High: 1.3116

Daily Low: 1.3097

Trend: Bearish

Resistance

R1: 1.3130 (5-day moving average)

R2: 1.3213 (Thursday's high)

R3: 1.3241 (50-day moving average)

Support

S1: 1.3082 (Friday's doji candle low)

S2: 1.3049 (June 28 low)

S3: 1.2957 (July 19 low)