Bullish flag | 07 Noviembre 2013

The GBP/USD pair has formed a possible flag pattern on the 0.00075 box chart shown below, and an extension of the current short-term up-trend is favoured if the pattern breaks higher, by moving above 1.6110, leading to a probable continuation up to the 1.62525 highs. Upside is favoured as the mid-term trend is higher and so the current bounce is in sync with broader trends. The only count for the current bounce is from the lowest column and is up to 1.61325. This is only 20 pips above the current level and has almost already been met, so there is also and outside chance of exhaustion, although there are no signs yet from the actual price.