Departure from usual longer term charts to look at interesting pattern on daily cable chart.- Post surprise weak GDP => sharp decline on 23Oct09. Since then 3 sessions of consolidation between 1.6249 and 1.6466.
- Last 1.6388.
- Flag pole = 1.6693 - 1.6298 = appx 4 big figures.
- Today's low = 1.6284 = break point for flag.
- Sell stop-in below 1.6284 break for flag objective at 1.5889.
- Addendum 8:24 am : Give up on idea if this does not perform in the next 2 or 3 sessions.
29 October 2009
GBP/USD : Daily Flag
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