Market Outlook and Analysis (2020 WW07)
Currency Pair: GBPUSD
GBPUSD D1 Chart – Continuation Flag Formation
We could potentially be seeing a classical Bull Flag, a continuation pattern on the GBPUSD. The change in the UK Treasury heads is seen to be positive for the GBP as infrastructure spending in the UK is expected to grow under the new cabinet, hence easing the pressure on BOE to reduce interest rates to stimulate the economy.
The GBPUSD managed to hold on to most of the week’s gains, giving us an indication that the Bulls could continue its run in the coming week.
GBPUSD H4 Chart – Successful Harmonic Patterns everywhere
In this consolidation Flag mode, there were various Harmonic Patterns forming since last December. The one right in front of us is a Bearish Shark pattern completing higher at around the 1.3208 sell zone.
GBPUSD H1 Chart – Potential long above the recent highs
The charts are showing us that there could be a potential LONG trade if the price breaks above the recent Resistance levels, potentially bringing us to the completion of the H4 Bearish Shark Pattern.
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