- GBP/USD seems to be forming within a Bearish flag pattern signalling a near term bearish move - If this move were to find support around the recent swing low level of 1.27 this could lead to the formation of a double bottom bullish reversal pattern - Technically this bearish flag pattern I believe will send the pair lower for one more leg HOWEVER - USD weakness as of recent is limiting the pairs losses - If we were to see a positive brexit outcome/better than expected, this could allow the support needed for this pair to form the reversal pattern
TWO SCENARIOS: 1. No deal brexit/May kicked out could lead to a break through this previous support level and a move lower 2. Brexit deal agreed, May kept as PM + Continued USD weakness, we could see a move up to mentioned neckline resistance and a possible break through to the upside