GBP/USD Downward Flag Pattern, will it break support?
GBP/USD is currently in a range within the established support/resistance levels. Although a swing from its 1st support level to the next resistance level is to be expected, the formation of a downward flag pattern suggest a high probability of a breakout through its 1st support level. Moreover, RSI levels are approaching the "Oversold zone" and EMA 12 has begun to cross EMA 36.
Trade: Wait for price to bounce/test the EMA 12 and enter only if the gap between EMA 12 and EMA 36 is > 12 pips. Also, look into the coming "Q1 UK GDP" & "GFK Consumer Confidence (Jun)" data for confirmation of trade.
Trade: Wait for price to bounce/test the EMA 12 and enter only if the gap between EMA 12 and EMA 36 is > 12 pips. Also, look into the coming "Q1 UK GDP" & "GFK Consumer Confidence (Jun)" data for confirmation of trade.
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