Price action on GBP/USD, a daily chart of which is shown, has continued in its relatively tight consolidation with a bearish bias after breaking down below a rough, expanded head & shoulders pattern. The current consolidation can also be seen as a rough inverted flag/pennant formation. For more technical analysis on this currency pair, please click here for Wednesday’s (10/7/2009) Chart of the Day.
- James Chen, CTA, CMT
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looking at the H&S it still has some room to go.. that inverted penant is not that rough
Bogdan,
Great point, and you’re right, the pennant is not so rough! Thanks, as always, for your comments, Bogdan!
James Chen
must’ve been right after i hit the submit button that it started to rise
… still think it has a more than decent chance of moving lower, just need to wait for a new entry opp.
You may be right, Bogdan!
James Chen