GBP/USD Is Forming Yet Another Flag

Or at least that is what the pair looks like on the daily time frame where you can clearly see the range that formed in the past few days.

Of course, those bars are forming in a rather large zone of about 100 pips, which provides good trading opportunities.

There are two weeks left until the FOMC meeting on 14th December, when they will decide whether they will hike the interest rate, and in my opinion the closer we get to that day, the less volatile the markets will become while waiting for the news to come out.

So in my opinion up until mid-December the GBP/USD pair will continue forming a slightly bullish range but it wil be without a set direction.

I, personally, would trade this pair (as well as other instruments) on as small a time frame as possible, because it appears that until the FOMC announcement the market will be quite sluggish and chaotic.