With the US Advance GDP due at 12:30 GMT
the pair is currently trading within a bearish pennant
. The RSI
has also turned and broken down already below its lower ascending channel
and is testing the 50 neutral point. Like I said in my previous post a Bearish Pennant
is a continuation pattern so the bias is bearish
and I expect a break out to the downside and target the length of the pole to the low of the candle that was created when the FOCM statement was released (120.02).