Flag on GBP/USD

Flag on GBP/USD

On Monday, August 12, the GBP/USD currency pair kept the demand zone of 1.20150-1.20300, which caused a correction movement. The British pound has updated local highs. The current technical pattern indicates further recovery of the GBP/USD quotes. The classic figure of "Flag" is the confirming signal (M15 timeframe). At the moment, the trading instrument is consolidating near the local resistance level of 1.20750. We recommend paying attention to this situation.

If the price fixes above 1.20750, it is necessary to look for entry points to the market to open long positions. The closest target for profit taking is 1.21000-1.21200. The movement is tending to 1.21500-1.21800. When following positions, we recommend using a trailing stop.

by JustForex 2019.08.13

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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