GBP/USD: bearish "Flag" pattern

GBP/USD: bearish "Flag" pattern


The price is consolidating under the broken downtrend. The 89 Moving Average is acting as support, but bears are likely going to test the next support at 1.2997 - 1.2982. If a pullback from these levels arrives little later on, we should keep an eye on the nearest resistance at 1.3083 as an intraday target.


It's likely that there's a bearish "Flag" pattern. If so, the pair is going to reach the closest support at 1.2997 - 1.2982 during the day. At the same time, this area could be a departure point for an upward correction.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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