GBP/USD Continues To Form Sideways Pattern
Forex4you | Jul 14, 2014 07:40AM ET
The Cable continues to form a sideways pattern on the 4-hour chart, which could be a flag, and if it
is forecasts a continuation of the trend higher. It has just bounced from the range lows at 1.7090 and started to move higher. Today it will probably move up towards the top of the range at 1.7167.
Given the mid-term trend is very bullish and expected to continue, the flag will probably break out higher eventually. A move above the 1.7178 highs would probably confirm such a move was beginning, with an upside target at the R1 monthly pivot, at 1.7250.
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