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British Pound / U.S. Dollar
Long

GBPUSD → Favorable environment for further growth

By RLinda
Updated
GBPUSD is forging a correction within the local range after a retest of trend resistance. Most likely, a "flag" pattern is forming, which implies further trend continuation.

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On D1 we see that the price is overcoming the downside resistance and consolidating above the key support at 1.26525. The next year may start with the strengthening of the pound sterling on the back of favorable fundamental environment regarding the DXY , which intends to decline.
From a TA perspective, the currency pair may form two scenarios:
  1. Breakout of the flag resistance, price consolidation above 1.2715 and growth towards the target.
  2. Continuation of correction to support, further rebound and growth to the target


Support levels: 1.2615, 1.2506
Resistance levels: 1.2715, 1.2784

The global trend will continue but after a small technical correction.

Regards R. Linda!
Note
snapshot
The pound is moving into the phase of realization of the pattern "flag"
Resistance is broken. Target 1.2784, then 1.2888
Trade active
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Trade active
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Ascending TriangleBXYChart PatternsDXYFLAGFLATForexFundamental AnalysisGBPUSDSupport and ResistanceTrend AnalysisTrend Line Break
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