13.11.201918:20 Forex Analysis & Reviews: GBPUSD in a sideways trading range

Long-term review

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GBPUSD is mostly moving sideways in a trading range between 1.2740 and 1.2940. Price is most probably forming a bullish flag pattern after the big rally from 1.22 in early October, to 1.2950-1.30.

Green lines - trading range

Our expectation is for GBPUSD to move lower towards the 38% Fibonacci retracement level before resuming its up trend. Price is range trading and I expect another leg higher above 1.30 to start over the next few weeks. Support is at 1.27 and resistance at 1.29. Breaking above 1.29 will increase dramatically the chances of a move above 1.31.

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