GBP/USD: bearish "Flag" pattern

GBP/USD: bearish "Flag" pattern

8-8-2017-GBP-H4.png

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.

8-8-2017-GBP-H1.png

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.

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