GBP/USD: "Flag" led to decline

GBP/USD: "Flag" led to decline

GBP/USD: "Flag" led to decline

There’s a “Double Top”, which has been confirmed, so the uptrend was broken. The 55 Moving Average is acting as a support. Nevertheless, the pair is likely going to achieve the next support at 1.2402 – 1.2376. If bears be stopped here, there’ll be an opportunity to have an upward price movement towards the 34 Moving Average.

 

GBP/USD: "Flag" led to decline

The price faced a support at 1.2432, so bulls are likely going to reach the nearest a resistance at 1.2469. If a pullback from this level happens, the market is likely going to decline in the direction of a support at 1.2384 – 1.2376 in the short term.

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