GBP/USD: developing "Flag"
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The 55 Moving Average is acting as a support. However, there isn’t any reversal pattern so far. In this case, the price is likely going to reach a support at 1.2402 – 1.2376. If bears be stopped here, there’ll be an opportunity to have an upward price movement in the direction of the 34 Moving Average.
There’s a consolidation, which is taking place under Moving Averages. Also, we’ve got a “Pennant”, which is likely going to be transformed into a “Flag”. The main bearish target is a support at 1.2402 – 1.2397.