GBP/USD technical analysis: Flag consolidation pattern still holding

• GBP/USD trades 0.19% higher on the session at 1.2878.
• There is a flag consoldation pattern and cable is mid range.

GBP/USD 4-Hour Chart

Cable has been in a consolidation phase ever since Boris Johnson and the EU announced a deal had been agreed between the pair.

Now it seems that the pair is looking for more information or a decisive USD move to break from the consolidation pattern.

The red lines on the chart below represent the chart pattern, while the black lines are support and resistance levels.

The complete low of the whole pattern is 1.2768 and if this breaks it would be a pretty bearish scenario.

On the topside the main 1.30 psychological resistance has been a tough nut to crack.

For now, watch out for a test of 1.29 as some USD weakness has entered the market.

GBP/USD Daily Chart Flag Pattern

Additional Levels