GBP/USD 1-hour chart: Bull Flag

The pound just pushed through the line that mattered.

October 16, this is the British pound on the one-hour chart, and a bull flag confirmed today.

A bull flag is a sharp rally, then a shallow drift lower.

Here, price climbed, eased back, and then closed above the upper edge at 1.32603.

That close is the confirmation.

From here, the measured target is 1.33095, and the invalidation level is 1.32265.

A close below invalidation cancels the setup.

The pattern is still in play, and neither the target nor the invalidation level has been hit yet.

A pattern never guarantees its target, and the same shape fails just as often.

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