Daily Forex Update: GBP/USD

Flag patterns are interesting formations because they occur in both trending and non-trending market cycles. Because of this quality, it’s important to know what the tendency is for a non-trending Flag pattern versus a trending one; When determining what type of entry strategy to employ, this can be determined by referencing Autochartist’s Initial Trend reading. The Flag that has formed on the 240-minute GBP/USD is a trending flag, which is confirmed thanks to Autochartist’s ten-bar Initial Trend reading.