GBP/USD technical analysis: Price is stuck in a bull flag formation

• GBP/USD is current trading in a bull flag formation and trades 0.05% lower.
• Today Trump is due to give a speech which could inspire some volatility.

Today has been a mixed day for cable as earlier on we recieved varied emplyment data.

The data showed average wage increases miss expectations and the UK employment level fell at its fast rate in four years.

GBP/USD 4-Hour Chart

GBP/USD has entered a consolidation phase as the markets wait for more general election news or news on the trade war front.

The direction break of this pattern could be very important in moving forward.

We currently find that GBP is holding up slight between than the rest of the majors against the greenback.

Support levels remain at the low of the pattern and 1.2767.

On the topside resistance is at 1.2898 and 1.3013.

Additional Levels