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by u/oil_baron_raj·4d

$GBPUSD struggling at 1.2700 - What's next?

$GBPUSD has been chopping around 1.2700 all week. Seems like bulls are running out of steam after the recent rally. Is this a healthy consolidation before another leg up, or are we looking at a reversal back towards 1.2600? BOE decision next week could be a catalyst.

4 comments · 83 points

4 Comments

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u/marcus_fx·3d

Could be a flag pattern forming for a breakout higher. Patience.

39
u/range_rider_yuki·2d

I'm expecting a retracement to 1.2650 before any further upside.

37
u/swing_samir·2d

Too much uncertainty with the BOE. Staying out until next week.

20
u/marcus_fx·3d

Looks like distribution to me. Shorting any rallies towards 1.2720.

18

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