An Analysis GBPUSD : Bearish Flag Pattern

GBPUSD is making lower lows in recent time and slightly moving up in consolidation forming bearish flag pattern.

The breakout can happen in two scenario's,

1) the smaller channel marked on verge of breakout, so GBPUSD can move straight down from here & We have Double top also which is good resistance zone

2) Can pullback upwards to retest the upper trendline then moves down breaking the bearish Flag pattern

As its on daily timeframe these scenarios will take time to evolve. Lets keep this on our radar and enter trades in 4h / Hourly based on this.

Hit Likes if you agree / Comment your views & Opinions

Happy Weekend & Happy Trading !!

Trade active:

On lower timeframe (1hr), as mentioned in description the trendline broke and we are in profits

Comment:

These kind of trades are like Gems for Professional traders which gives great profits without any pain.

An whooping 230 pips in just two days in single trade and we are still holding our positions. I hope you guys are making good money out of this GBPUSD trade.

We are expecting 550pips in total which may take time.

If there is strong daily close below our trendline and flag breakout happens..Voila !! We are in for Feast !!

Trade safely checking your stops in 4h or hourly !

Comment:

Exactly sitting on the trendline support, breaking and reversing back...Testing our patience..

Comment:

We are aiming for targets around 1.4000's (as of now we have 350pips) and if those levels are reached there is another potential pattern formation are there. Once markets reach that level we will look into those patterns.

Comment:

Looks like today we will get our targets filled. A Great way to start the week.