Interpretation of this chart?

This is the weekly chart of GBP/USD. Can someone lend their expertise on the next price swing of this currency pair? From this chart I had a pennant forming starting in November, which would indicate a likely continuation of the downtrend.

In January it penetrated the bottom of the pennant but within a week had bounced off a 23-year low and seemed like a Bear Trap, which is a pretty bullish signal. However, it has since realigned itself inside this Flag (the two parallel lines), which still does have some bearish continuation implications.

At least that’s my take on it, does anyone have any opinions or see something?

Edit: Also, if it breaks out above the Flag to say 1.5 or 1.52 I would say that it would be very Bullish.

…it’s going to continue it’s bullish trend as of late and slowly plod it’s way towards retesting that low of lows - especially if it breaks through 1.40 - but i’ve been wrong before :wink:

lend their expertise on the next price swing

Well as you prolly appreciate there is more than one train of thought
& the savvy analyst attempts to position theirselves with an open
mind to “expect the unexpected”

On my chart, in the thumbnail, we see that GU failed to make a new
high at 1.5, & has now pulled back to 1.4077 (61.8% of last uptrend).

Will it now keep falling to 1.3857 (76.4%) & down past the 23 yr low (1.35)?

Or will it rebound off 1.4077 to make a new high past 1.5?

Ya pays ya money ya takes ya chance.

But the GU is 1.6557 now. So to go down up to 1.400 will take weeks or so. come on man you look too far off the track. Loot at it now moving up more and more.:smiley: