GBP/USD : All Roads Lead To 1.57

• Last at 1.6224.
• Monthly : Downtrend. Next significant chart support at 1.5705.
• Weekly : UpTL broken. Same chart support next as per monthly. Then things get really interesting if we can close below 1.5705 for a big double top formation.
  
• Daily : Bear flag now. A close today below 1.6212 = breakout. Flag pole from 1.67 to 1.62 = 5 big figures. Therefore objective = 1.5700. Coincidentally this is same as the daily SHS top downside objective.
• Booked partial profits at 1.6222 and 1.6122 today. Re-establish + Go even more short on NY close tonight below 1.6212.
• Addendum 17Dec09 8:00 pm : At 1.6124 now, having made a low of 1.6081. Likely that we will close below above-mentioned 1.6212 chart point but market has run too far ahead for me to sell on NY closing. Will have to locate a better entry point in the next few days. Risk reward consideration for new shorts now based on parameters 1.57 objective vs stop loss >1.6212.