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Bullish flag forming

Bullish flag forming | 09 December 2013

09 December 2013, GBP/USD

GBP/USD has pulled back, forming a flag continuation pattern which looks like it is close to completing. The trend is bullish so a break higher is expected after the pattern finishes. The count taken from the long column of X's at the 26th November lows targets 1.6680. A break above the 1.6405 highs would help confirm a bullish breakout. A closer intial target, however, might be the ressistance level at 1.6550.

Bullish flag forming

Mark Satcher
Analyst of «FreshForex» company
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