GBP/USD - Bear flag signalling a move lower....
- GBP/USD looks to be forming a Bear Flag pattern after its drastic move lower post-Brexit headlines last week
- Price appears to have found resistance within this pattern at previous support level
- Wait for a break + possible retest of the lower trend-line support of this pattern to go short
- If price were to move lower the first major support it will run into is the recent swing low @ ~ 1.27 (Psychological)
- Watch price action around this level for a further continuation short, OR possible price reversal as shown in my other Analysis of the pair, I will post that in the comments section.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- Price appears to have found resistance within this pattern at previous support level
- Wait for a break + possible retest of the lower trend-line support of this pattern to go short
- If price were to move lower the first major support it will run into is the recent swing low @ ~ 1.27 (Psychological)
- Watch price action around this level for a further continuation short, OR possible price reversal as shown in my other Analysis of the pair, I will post that in the comments section.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
Comment:
**** 1.27 is the support level NOT 1.26, my mistake
- Wait for a 4h candle close below this level to establish a short position
- First target would be the 1.26 support level, where as shown in my other idea..Could be the setup for a double bottom reversal: