GBP/USD: 'Flag' pattern led to decline

GBP/USD: 'Flag' pattern led to decline

28-9-2018-GBP-H4.png

The market has been declining since the last 'Flag' pattern has been broken. It's likely that the pair is going to test the next support at 1.3025 - 1.3004 in the coming hours. A pullback from this area could be a starting point for a bullish price movement towards the nearest resistance at 1.3143.

28-9-2018-GBP-H1.png

All the Moving Averages have been broken, so the pair is declining. Meanwhile, it's likely to have a local upward correction during the day. So, we should keep an eye on the closest resistance at 1.3094 as a target. If a pullback from this level happens next, bears will probably try to test another support at 1.3025 - 1.3004.

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