| EUR/GBP - Inverted Flag Pattern within Downtrend Posted: 03 May 2010 08:40 AM PDT  Price action on EUR/GBP, a daily chart of which is shown, has consolidated within a slightly bullish consolidation that has taken the form of an inverted flag pattern. This occurs within the context of a clear downtrend extending from a mid-March high, and after price broke down below a confluence of two different uptrend support lines. The current flag consolidation also occurs after bearish price action dropped down to key support around the important 0.8600 price region. For more technical analysis on this currency pair, please click here for Monday’s (5/03/2010) Chart of the Day.
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