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Consolidating; upside bias

Consolidating; upside bias | 28 October 2013

28 October 2013, GBP/USD

The consolidation pattern has extended sideways and is threatening to break below the 45° trend-line for the move. A break below this line would be bearish but there has been no break yet so the the outlook remains bullish. Upside targets remain unchanged: a move above the 1.62525 consolidation highs would be a bullish signal, and lead to a move up to a lot of resistance at 1.6282, where price will probably pause. A clear break above that level would reinvigorate the up-trend, with the next target calculated from inside the consolidation pattern, at 1.63875.

Consolidating; upside bias

Mark Satcher
Analyst of «FreshForex» company
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