GBP/USD: bearish "Flag" pattern

GBP/USD: bearish "Flag" pattern


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.


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.




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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