GBPUSD: bullish flag pattern?
The current price action above 1.2105 suggests a bullish trend direction, with a stop-loss at 1.1975 to negate the bullish bias in case of a break below this level. If there is a break above 1.2275, it may be wise to increase long exposure.
The first profit target is set at 1.2455, followed by a second target at 1.2850, which coincides with the 200-week simple moving average.
Additionally, the pair is trading above its 200-day simple moving average, further supporting the bullish sentiment.
There are indications of a bullish flag pattern potentially unfolding, which is another positive sign for traders.
The first profit target is set at 1.2455, followed by a second target at 1.2850, which coincides with the 200-week simple moving average.
Additionally, the pair is trading above its 200-day simple moving average, further supporting the bullish sentiment.
There are indications of a bullish flag pattern potentially unfolding, which is another positive sign for traders.