Choppy GBP/USD Creates Bull Flag Chart Pattern

Chris Svorcik Elite CurrenSea

Meta description: The GBP/USD broke the support trend line but price action remains choppy and indecisive and price could build a bigger bullish correction towards the next 38.2% Fibonacci retracement level.

GBP/USD

4 hour

The GBP/USD broke the support trend line but price action remains choppy and indecisive and price could build a bigger bullish correction towards the next 38.2% Fibonacci retracement level.

The GBP/USDbullish break above the resistance trend line (orange) could see price move towards the 38.2% Fib at 136.25. A bearish breakout is needed before price could challenge the previous bottom.

1 hour

The GBP/USD seems to be building multiple ABC patterns, which is making an expanded (bullish) correction more likely than a downtrend continuation.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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