After GBPUSD reached a new low in the area of 1.2270 at the beginning of this month, we can see that the price has begun to consolidate. Now, the price seems to be moving in a bearish flag pattern within a horizontal channel, which indicates that the price is still moving within a bearish structure.
Therefore, we will continue to look for sell entries after a retracement. If the price has broken above the horizontal channel, then we expect the price to reach the upper area of the bearish flag . From there, we will look for a reversal pattern, such as a head and shoulder or a double top pattern which has appeared in the previous bearish flag channel.
Therefore, we will continue to look for sell entries after a retracement. If the price has broken above the horizontal channel, then we expect the price to reach the upper area of the bearish flag . From there, we will look for a reversal pattern, such as a head and shoulder or a double top pattern which has appeared in the previous bearish flag channel.
