A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Greetings Landlubbers!
We are back again on the trail of Her Majesty, the Pound Dollar, as She flails around in the Atlantic!
After our steep depreciation of the Unit…we did see a bit of a reprieve, as She strengthened towards the NYSE Close.
But..was that the Royal Navy helping her in the water?… or a “Merry Band of Jolly Misfits” ???
Yesterday, we were beginning to suspect a retracement was looming in the distance.
Remember…like all Derivatives in every market…nothing will fall or rise forever.
The catalyst really arose from correlations we have with the Dow bouncing off of the 8000 handle, and a bit below…along with the S&P500 bouncing around 800.
Also, the U.S. Initial Jobless Claims at a 7-year high did not help the prevailing downtrend here, either.
In the case of Cable…a strong 380-pip or so move to the upside was the result.
So…here is my “both sides of the Fence” view..as always for you.
If you are Bearish…again…you will look for momentum to begin to stall…especially if this “mini” Bull Flag on the Hourly continues along.
If it does not reach its’ fruition and follow through…then perhaps it will test its’ own High of the “Flag Pole”, and begin to fade.
If you are Bullish, then this “mini” Bull Flag is in your favor…and at this time in Price action…if it continues…the Flag will complete around our 3rd Magenta Resistance Line.
If this is violated, then our larger Resistance of the 1.5260/23.6% Fibonacci Area is next as we climb up the ladder.
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As always, remember the ultimate “built-in ” Lesson of my Arsenal…
You do NOT have to take a position here. We are going into the weekend after another deeply volatile week.
Whatever you choose…Job #1 is adhering to your Risk Management! 