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GBP/USD Bull Flag from March High?

GBP/USD Bull Flag from March High?

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-GBP/USD held the top side of the former channel (to the tick) on 3/29. After that, I wrote that “Cable has a tendency to test a level multiple times before heading to its destination. In other words, don’t be surprised to see a few more stabs at the channel line and possibly the mentioned 1.2302 but the broader ‘look’ is bullish until further notice.” The channel line hasn’t been tested but the 3/29 low was tested. The turn higher puts me on bullish breakout alert.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.