GBP/USD: bearish "Flag" pattern

GBP/USD: bearish "Flag" pattern

8-1-2018-GBP-H4.png

The main trend is still bullish, but the price is consolidating near the 34 Moving Average. Also, there's a bearish "Flag", so the market is likely going to test the closest support at 1.3465. However, if a pullback from this level happens, we could have a bullish price movement towards the next resistance at 1.3595 - 1.3618.

8-1-2018-GBP-H1.png

We've got a bearish "Flag" on the one-hour chart. In this case, the pair is likely going to reach the nearest support at 1.3484 - 1.3465 in the coming hours. This area could be a departure point for an upward price movement in the direction of another resistance at 1.3595 - 1.3612.

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