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GBP/USD Flag Broken as Bears Maintain Dominance

Since making a low on the year last week at 1.47, GBP/USD has been consolidating. However, this consolidation might be over as we got into the 3/17 European session. Let's take a look at the 1H chart.

GBP/USD 1H Chart 3/17(click to enlarge)

In the 1H chart we can see that price was consolidating in a something like a flag pattern. The key event is the resistance at 1.4853, which was a support of a previous intra-session consolidation. The market retreated from there, and the next key event was the breakdown of the flag pattern.

Other bearish continuation signals include:
1) Price falling back below the 50-hour SMA
2) The 1H RSI holding below 60, which reflects maintenance of the bearish momentum.

As we begin the US session, price is testing a a mini-pivot around 1.4765. It might stall here in the near-term, but most likely, GBP/USD will be in bearish continuation in the upcoming session, with pressure back to 1.47, and with risk of continuing lower.