FXstreet.com (Barcelona) - The Pound is trading around the 2.0650 area, and according to Bogdan Parascanu, technical advisor at FX Instructor, the cross is in a bearish flag: GbpUsd is trading around the 2.0650 area, after coming down fast from Wednesday's 2.0830 high. We mentioned yesterday that we see a bearish flag formation on the daily charts, and we are still inside that pattern even a move towards this week's high points will still keep the flag intact. Although a moving higher can be expected, Bogdanescu expects the flag formation to trigger: Rejecting from the 2.0600 area gave the pair a short term bullish out look and a move higher aiming at the 50. Fib Line at 2.0750 can be expected but the mid term looks bearish at this moment and we are just waiting for the above mentioned flag formation to trigger before beginning to search for possible entry points.
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