GBP/USD: developing "Flag" pattern

2018-02-13 21:00    FBS

GBP/USD: developing "Flag" pattern Institution Opinions 1

There's a "V-Bottom" pattern, so the price is consolidating. It's likely that the pair is going to reach the closest resistance at 1.3895 - 1.3944. If a pullback from these levels happens little later on, there'll be a moment to have a decline in the direction of the next support at 1.3741.

GBP/USD: developing "Flag" pattern Institution Opinions 2

The price is consolidating near the 34 Moving Average. It seems like there's a developing "Flag" pattern. So, if a pullback from the nearest resistance at 1.3895 - 1.3944 happens, we could have a bearish price movement towards another support at 1.3795 - 1.3763.


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