GBP/USD- Bullish Flag Pattern Has formed, Will You Buy
AvaTrade | Jul 11, 2013 08:10AM ET
The GBP/USD pair is forming a bullish flag pattern on a 30 minute time frame. If the price breaks this pattern then it could easily move towards its next major resistance level (mentioned below). The pair is trading above the 50 day (shown in green) and 100day (shown in yellow) which means that the bulls are in control and therefore, there are more odds stacked in favour of breaking this flag pattern.
However, the RSI is trading in line with the price action which means that the bias could still be to the downside.
Important Levels
Resistance Zones
1.5528-1.5481 Major
1.5304-1.5271 Major
Support Zone
1.4907-1.4874 Minor
1.4683-1.4639 Major
1.4548-1.4514 Major
1.4376-1.4342 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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