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Consolidating in up-trend

Consolidating in up-trend | 24 October 2013

24 October 2013, GBP/USD

Price has retracted back into a curious-looking consolidation pattern. There is a up-side bias to the trend which remains intact despite some strong waves down, and so higher prices are expected. A move above the 1.62525 highs would be a bullish signal although there is a lot of resistance at 1.6282 and so price might pause there. A clear break above that level would be a really bullish sign and re-established the up-trend, with the next upside target from the count calculated from inside the consolidation pattern, at 1.63875.
Consolidating in up-trend
Mark Satcher
Analyst of «FreshForex» company
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