GBP/USD: bearish "Flag"

GBP/USD: bearish "Flag"


There's a consolidation, which is taking place near the 89 Moving Average. Also, there's a possible developing "Flag" pattern, so bears are likely going to reach the nearest support at 1.2932 soon. If a pullback from this level arrives little later on, there'll be an option to have a bullish price movement towards the closest resistance at 1.2982 - 1.2997.


We've got a bearish "Flag", so the market is likely going to test the upper side of this pattern. If a pullback from the nearest resistance at 1.2997 - 1.3013 happens afterwards, we should keep an eye on the next support at 1.2958 - 1.2932 as an intraday target.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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