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In today’s “Forex Lunch” report we highlighted a Flag Pattern in Cable (GBPUSD):
Cable has been in a consolidation pattern since late January, trading in a broadening range between 1.5937 and 1.6429. Recent price action within this range has formed a pattern known as a flag, consisting of a short term counter trend channel after a significant directional move. The counter-trend channel is highlighted by the red arrows, whilst the flag ‘pole’ is highlighted by the green arrow. This formation would be confirmed by a close above the down trend channel at 1.6336, with additional confirmation given by a close above Horizontal resistance at 1.6429. The implication of this formation is a move to 1.6828.