GBPUSD is consolidating around 1.30 while it has formed a bullish flag pattern. A weekly close above 1.30 will be a bullish signal and this could lead to more upside in GBPUSD. Next upside target should be around 1.3170 and 1.3455.
Red lines – bullish flag pattern
Black line -resistance trend line
GBPUSD is breaking both the 38% Fibonacci retracement resistance level and the bullish flag pattern upwards. Our next target is at 1.3170. As long as price is above the black downward sloping resistance trend line, we remain bullish. Support is at 1.2770. Bulls do not want to see this level broken downwards as this will decrease the chances of reaching 1.3170.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2019
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