GBP/USD: "Flag" points to possible intraday upward movement
Bears faced a support on the 34 Moving Average, so we’ve got a “Double Bottom” pattern here. In this case, bulls are likely going to reach a resistance at 1.3370 – 1.3417 soon. Considering the previously formed “V-Top” pattern, there’s an opportunity to have a decline towards a support at 1.3302 – 1.3277 afterwards.
The price found a resistance at 1.3351, so we’ve got a local consolidation. Also, we’ve got a “Flag” pattern, so the market is likely going to reach a resistance at 1.3396 – 1.3423. Nevertheless, if a pullback from this area be on the table, we should keep an eye on the next support at 1.3334 -1 .3318 as a possible bearish target.