GBPUSD: Flag-Power predicted FOMC outcome yesterday
GBPUSD Update Flag-Power: 2 strikes on lower parallel = Hot
Sterling stood up well yesterday: the flag was telling us way in advance of the FOMC meeting today. Up from 1.3304-1.3312 entry levels it's up about 100 pips so far out of the 500 pips minimum upside target here, at 1.380 and higher.
Look to buy dips here with a near term upside target at 1.3502/the upper parallel and close out on the first strike.
Buy back from 40 pips lower down and potentially from 1.3456 at lowest before it rallies again.
Once the upper parallel is broken at 1.3500 it should rally very well, to 1.380 minimum and higher still over the medium term. The pattern shows the market hasn't really got a clue what's going to happen here yet. Time, as always, will tell us whether the chart is right over the medium term, or the market.
Sterling stood up well yesterday: the flag was telling us way in advance of the FOMC meeting today. Up from 1.3304-1.3312 entry levels it's up about 100 pips so far out of the 500 pips minimum upside target here, at 1.380 and higher.
Look to buy dips here with a near term upside target at 1.3502/the upper parallel and close out on the first strike.
Buy back from 40 pips lower down and potentially from 1.3456 at lowest before it rallies again.
Once the upper parallel is broken at 1.3500 it should rally very well, to 1.380 minimum and higher still over the medium term. The pattern shows the market hasn't really got a clue what's going to happen here yet. Time, as always, will tell us whether the chart is right over the medium term, or the market.
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