GBPUSD seems to be creating a bull flag on the hourly chart.   A breakout, if confirmed, could yield a rally to 1.3242. GBP/USD is reporting marginal gains at 1.3040 at press time, having dropped 0.20% on Thursday. More importantly, the pullback from the high of 1.3102 reached  on May 1 has taken the shape of a bull flag, as seen on the hourly chart. That pattern essentially represents a pause, which usually refreshes higher. A move above the upper edge of the flag, currently at 1.3060, will confirm a flag breakout and would create room for a rally to 1.3242 (target as per the measured move method) – more so, with the daily chart reporting a falling wedge breakout (bearish-to-bullish trend change). The bullish case, however, would weaken if the pair falls below the 200-day moving average support, currently at 1.2984. Hourly chart Daily chart Trend:  Bullish 1.3060 Pivot points   FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD technical analysis: Break of 61.8% Fibo. drives bulls toward 16-week old trendline FX Street 3 years GBPUSD seems to be creating a bull flag on the hourly chart.   A breakout, if confirmed, could yield a rally to 1.3242. GBP/USD is reporting marginal gains at 1.3040 at press time, having dropped 0.20% on Thursday. More importantly, the pullback from the high of 1.3102 reached  on May 1 has taken the shape of a bull flag, as seen on the hourly chart. That pattern essentially represents a pause, which usually refreshes higher. A move above the upper edge of the flag, currently at 1.3060, will confirm a flag breakout and would create room for a rally to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
