GBPUSD went from being a relatively easy pair to trade to being a complicated mess.
Last week, the 1.3160 area was serving as resistance.
That’s the area buyers had to break to send GBPUSD higher.
However, following the August 18th close above 1.3160, GBPUSD failed to hold above the area.
On top of that, the 1.3160 region didn’t serve as resistance the following session.
The back and forth price action here has made GBPUSD unfavorable.
It appears GBPUSD has now carved an upward sloping flag for the week ahead, which could trigger a move lower.
That would expose 1.2980 and perhaps 1.2800.
But as I mentioned above, GBPUSD is unfavorable at the moment.
Last week, the 1.3160 area was serving as resistance.
That’s the area buyers had to break to send GBPUSD higher.
However, following the August 18th close above 1.3160, GBPUSD failed to hold above the area.
On top of that, the 1.3160 region didn’t serve as resistance the following session.
The back and forth price action here has made GBPUSD unfavorable.
It appears GBPUSD has now carved an upward sloping flag for the week ahead, which could trigger a move lower.
That would expose 1.2980 and perhaps 1.2800.
But as I mentioned above, GBPUSD is unfavorable at the moment.
