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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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.