Choppy GBP/USD Creates Bull Flag Chart Pattern

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.

GBPUSD

 

GBP/USD

4 hour

GBPUSD

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

GBPUSD

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

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