GBPUSD weekly bullish flag

GBPUSD is consolidating around 1.30 while it has formed a bullish flag pattern. A weekly close above 1.30 will be a bullish signal and this could lead to more upside in GBPUSD. Next upside target should be around 1.3170 and 1.3455.

Red lines – bullish flag pattern

Black line -resistance trend line

GBPUSD is breaking both the 38% Fibonacci retracement resistance level and the bullish flag pattern upwards. Our next target is at 1.3170. As long as price is above the black downward sloping resistance trend line, we remain bullish. Support is at 1.2770. Bulls do not want to see this level broken downwards as this will decrease the chances of reaching 1.3170.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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