GBPUSD Bearish Flag Play

GBPUSD Bearish Flag Play

Key Resistance: 1.4170 – 1.4220
Key Support: 1.4080 – 1.4037

Long Term View
The GU has been in a very strong up move back in March 2020 for an almost +25% move. The latest leg of this bullish move is overextended.

1H Chart Analysis
Price in the GU fell yesterday 165 pips from the highs and today it has moved 85 pips inside of a bearish flag.

For this setup to be in play we would need a break of the previous lows which would mean the bear flag breakout is in play. This would ignite a bearish move that targets a retest of the previous week´s highs

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Author : Orlando Gutierrez

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