GBP/USD, Technical Analysis – H4
The potential for growth toward the resistance at 1.3420 remains intact as part of a “Bull Flag” pattern continuation.
The potential for growth toward the resistance at 1.3420 remains intact as part of a “Bull Flag” pattern continuation. Afterwards, a significant downward correction is likely, driven by a fresh wave of supply and profit-taking by buyers.
Key Levels:
□ Resistance: 1.3420
□ Support: current consolidation lows
Primary Scenario:
Rise toward 1.3420 followed by a downside reversal.
Alternative Scenario:
Continued consolidation before a bullish breakout toward 1.3420.
Analyst Commentary:
The current setup allows for trading opportunities in both directions.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.