Bull flag?
The GBPUSD is consolidating the gains since the February 4 low after reaching the highest level since April 26, 2018 in trading yesterday.
Looking at the hourly chart, the pair is bull flagging with the lower trend line at 1.3812 and the upper trend line at 1.3855.
When I look at these formations, sometimes it works sometimes it don't. However the trend lines to tell a story and give a bias clue to the market traders. So move below and we should see a rotation back lower with the 38.2% retracement and the 100 hour moving average at 1.3794 and 1.37813 as the next targets.
On a break of the topside trend line, get above the high for the day in the high from yesterday and we are talk about new highs going back to April 2018 again.
