GBP/USD: 'Flag' points to another bullish rally

GBP/USD: 'Flag' points to another bullish rally

8-11-2018-GBP-H4.png

There's a 'V-Top', so the price is declining. Even so, we should keep watching the nearest resistance at 1.3181 as the next bullish target. The following pullback from this level could lead to a downward correction to 1.3089 - 1.3047.

8-11-2018-GBP-H1.png

It seems like there's a 'Flag' pattern, which is about to end. In this case, it's likely that the pair is going to reach the closest resistance at 1.3181 within the next few hours. If a pullback from this level forms little later on, bears will probably try to deliver a downward correction.

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This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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