GBP/USD: "Flag" points to a possible intraday upward movement
The pair reached the 55 Moving Average, so we’ve got a “Double Top” pattern, which led to decline towards a support at 1.3116. There’s a local “V-Bottom”, so the market is likely going to get a resistance at 1.3471 in the short term. If a pullback from this level happens later on, bears will probably try to catch a support at 1.3015 – 1.2849.
There’s a support at 1.3104, which led to form a “Double Bottom”, so the price is consolidating under between Moving Averages. Also, we’ve got a possible local “Flag” pattern, so the pair is likely going to reach a resistance at 1.3399 during the day. Considering a probable pullback from this level, we should keep an eye on a support at 1.3104 – 1.3015 as the next bearish target.