kfrivaldo
Long

GBPUSD Weekly Analysis Feb 27 - March 3

FX:GBPUSD   British Pound/U.S. Dollar
57 0 2
The market is currently in sideways and the pattern has potentially formed a pennant flag.

A break above 1.2564 would start the bullish pennant flag formation , however, a break below 1.2293 would start the higher time frame downtrend.
Comment: Our forecast to break below 1.2293 was triggered and went down 81 pips @ 1.2212. However, the market reversed during Friday afternoon session (which is typical every Friday afternoon).

If the market during Monday closes with bullish candle, we may see a momentum reversal. This will give us a good buying opportunity at Tuesday opening (as long as Monday candle closed bullish) with a target 1.2663.
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