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Bull Flag

GBPUSD TECHS
  • RES 4: 1.1834 76.4% Fib retracement for the Aug - Sep downleg
  • RES 3: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 2: 1.1738/52 High Sep 13 / 3.0% 10-dma envelope
  • RES 1: 1.1645 High Oct 27
  • PRICE: 1.1471 @ 15:08 GMT Nov 2
  • SUP 1: 1.1438/45 Low Nov 1 / 50-day EMA
  • SUP 2: 1.1234 Low Oct 24
  • SUP 3: 1.1061 Low Oct 21
  • SUP 4: 1.0924 Low Oct 12 and a key support

GBPUSD is consolidating and this pause in uptrend appears to be a bull flag - a bullish pattern that reinforces the current uptrend. Last week's gains resulted in a break of 1.1495, Oct 5 high. The move confirms an extension of the reversal from 1.0350, Sep 26 low and highlights a positive price sequence of higher highs and higher lows on the daily chart. The focus is on 1.1738 next, the Sep 13 high. Initial support is seen at 1.1445, the 50-day EMA.

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