GBP/USD technical analysis: Flag consolidation pattern still holding

GBP/USD trades 0.19% higher on the session at 1.2878.
There is a flag consoldation pattern and cable is mid range.

Rajan Dhall, MSTA FX Daily

GBP/USD 4-Hour Chart

Cable has been in a consolidation phase ever since Boris Johnson and the EU announced a deal had been agreed between the pair.

Now it seems that the pair is looking for more information or a decisive USD move to break from the consolidation pattern.

The red lines on the chart below represent the chart pattern, while the black lines are support and resistance levels.

The complete low of the whole pattern is 1.2768 and if this breaks it would be a pretty bearish scenario.

On the topside the main 1.30 psychological resistance has been a tough nut to crack.

For now, watch out for a test of 1.29 as some USD weakness has entered the market.

GBP/USD Daily Chart Flag Pattern

Additional Levels

GBP/USD

Overview
Today last price	1.2878
Today Daily Change	0.0025
Today Daily Change %	0.19
Today daily open	1.2853

Trends
Daily SMA20	1.2878
Daily SMA50	1.2598
Daily SMA100	1.2457
Daily SMA200	1.2703

Levels
Previous Daily High	1.2865
Previous Daily Low	1.2821
Previous Weekly High	1.2943
Previous Weekly Low	1.2769
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2848
Daily Fibonacci 61.8%	1.2838
Daily Pivot Point S1	1.2828
Daily Pivot Point S2	1.2803
Daily Pivot Point S3	1.2784
Daily Pivot Point R1	1.2871
Daily Pivot Point R2	1.289
Daily Pivot Point R3	1.2915

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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