GBPUSD - Sets the stage to break descending trend line
Greetings Fellow Traders -
GBPUSD has been consolidating ever since reaching the 1.4350 Resistance level via bearish strength that was identified. This could be the end of several touches against that trend line. The consolidation has taken on a shape of it's own, in what appears to be a bullish flag/pennant.
Keep an eye out for the resistance level to be broken before momentum increases to break even higher. I expect price to stall around the 1.4300 to 1.4310 level albeit briefly before breaking for a move much higher.
Upper targets will rest near 1.4450 and I expect that the 2015 yearly lows will keep price subdued below the 1.45-1.4550 levels.
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GBPUSD has been consolidating ever since reaching the 1.4350 Resistance level via bearish strength that was identified. This could be the end of several touches against that trend line. The consolidation has taken on a shape of it's own, in what appears to be a bullish flag/pennant.
Keep an eye out for the resistance level to be broken before momentum increases to break even higher. I expect price to stall around the 1.4300 to 1.4310 level albeit briefly before breaking for a move much higher.
Upper targets will rest near 1.4450 and I expect that the 2015 yearly lows will keep price subdued below the 1.45-1.4550 levels.
Feel Free to comment/like/follow