GBP/USD's Bullish Flag in Focus
GBP/USD surged higher through the first 3 weeks of July, gaining more than 400 pips across that period. Over the last week+ though, cable has been gradually edging lower, creating a potential "bullish flag" pattern.
As the name suggests, the more gradual selling pressure in the "flag" portion of the pattern is seen as less significant/predictive than the strong buying pressure in the pattern's "mast." As long as the 50% Fibonacci retracement at 1.2830 holds, traders will be looking for a break above the near-term channel to signal a potential resumption of the early-July uptrend and, in time, a potential break above 1.3040.
-MW
As the name suggests, the more gradual selling pressure in the "flag" portion of the pattern is seen as less significant/predictive than the strong buying pressure in the pattern's "mast." As long as the 50% Fibonacci retracement at 1.2830 holds, traders will be looking for a break above the near-term channel to signal a potential resumption of the early-July uptrend and, in time, a potential break above 1.3040.
-MW
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