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GBP/USD - Bearish Bias in Consolidation

Posted on October 7, 2009 at 15:45 in Analysis by James Chen

GBP/USD Daily ChartPrice 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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4 Responses to “GBP/USD - Bearish Bias in Consolidation”

  1. on 07 Oct 2009 at 4:20 pm1bogdan

    looking at the H&S it still has some room to go.. that inverted penant is not that rough :)

  2. on 07 Oct 2009 at 6:30 pm2James Chen

    Bogdan,

    Great point, and you’re right, the pennant is not so rough! Thanks, as always, for your comments, Bogdan!

    James Chen

  3. on 08 Oct 2009 at 9:56 pm3bogdan

    must’ve been right after i hit the submit button that it started to rise :D … still think it has a more than decent chance of moving lower, just need to wait for a new entry opp.

  4. on 09 Oct 2009 at 1:07 pm4James Chen

    You may be right, Bogdan!

    James Chen

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