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GBPUSD Triggers Flag Formation. What’s next?

Technical Picture:

  • Correction of the uptrend
  • DeMarker leveling before entering oversold
  • Sequential has started an upward count
  • Horizontal support
  • Price action forming 3 consecutive bars of increase on a 4-hour chart
  • Untriggered inverse head and shoulders
  • 65MA and 200MA acting as support
  • 23.6 FIBO acting as support

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4H

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In Conclusion:
I expect the price to aim for an upward test of the local peak in the $1.32661 zone, and if it breaks through, it will likely target an upward test of horizontal resistance in the $1.36471 zone.

Alternatively:
If there is a break below the horizontal support, the price will likely aim to test the next strong support zone in the $1.28636 area, and if it breaks through, it will most likely target a test of the local bottom in the $1.26597 zone.

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