GBP/USD Is Forming A Corrective Flag

After the powerful rally from 18th April GBP/USD continues forming a correction, which, however, is developing much better than I expected.

I expected a drop to 1.27.

The Pound, however, stubbornly refuses to fall that easily, despite three days of correction. The only thing that it is forming now is a flag that is becoming clearer and clearer. It has a height of 90 pips at its base and that is a good indication what the first target of the pair will be on its way to the upside after the possible breakout.

Now all we can do is wait for the development of that flag and said breakout so we can use that opportunity to open long positions.