GBP/USD looks set to extend its gains
Updated
A potentially nice setup is forming on #GBPUSD.
High trading activity around 1.2718 during its prior decline could act as a magnet for prices on the daily.
The 200-day MA has flipped from resistance to support and no immediate signs of a top on price and OBV is confirming the rally.
A strong trend has formed on the 1-hour chart with a potential bull flag. The monthly R3 pivot is capping as resistance, but a break above last week's high assumes bullish continuation.
Even if prices retrace first to invalidate the bull flag, it looks like a decent candidate for bulls to seek dips to my eyes and a move towards 12.7.
High trading activity around 1.2718 during its prior decline could act as a magnet for prices on the daily.
The 200-day MA has flipped from resistance to support and no immediate signs of a top on price and OBV is confirming the rally.
A strong trend has formed on the 1-hour chart with a potential bull flag. The monthly R3 pivot is capping as resistance, but a break above last week's high assumes bullish continuation.
Even if prices retrace first to invalidate the bull flag, it looks like a decent candidate for bulls to seek dips to my eyes and a move towards 12.7.
Trade closed: target reached
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