Keep a close eye on the potential breakout area at around 85.39. If the pair makes a run for it and we see that break, this may clear the path towards slightly higher levels. Because the RUB had already a good run against its top world rivals, we can see that the pair struggled to drop below the support area around the 84.80 mark.
Ignore the idea,...
Potentially building up for a pop.
If the 82.90 breaks and we get a close above that level on the 240-minute chart, then we could be on to something here, where we could aim for the 83.85 zone, as the next potential area of resistance.
Alternatively, if this reverses back down and moves below the tentative upside support line, then we can leave...
This pair is currently forming something from textbook, that is called a flag. Now, theoretically, we could see a move to the upside later on, once it breaks the flag's upper side. Certainly, for us to consider this potential move to the upside, we need to see the break first.
Alternatively, GBPRUB could really extend the flag, by dragging itself...
The Sterling has begun to strengthen and the ruble appears to be a reasonable pairing to illustrate the pound's strength.
The RSI has broken out; and the AO is turning up.
On a break of the falling wedge a long position will be entered, with stops under the support at 75.
TP 1: 92
TP 2: 97
TP 3: 103