GBPUSD Technical Analysis
Solid ECN News - In line with expectations, the GBPUSD currency pair experienced a bounce back from the top boundary of its bullish flag pattern. This upward movement was further supported by the ADX indicator surpassing the 20 level, indicating an intensifying trend. As the pair holds above the flag's upper line, the bulls targeting GBPUSD are now likely setting their sights on the 50% Fibonacci retracement level as their next goal.
On the flip side, if the pair falls below the 1.24 threshold, it would negate the current bullish outlook, potentially leading to a downward trajectory towards the lows seen in October.