GBPUSD--Tuesday, May 20, 2009
An update on a pattern first noted on May 8th post.
4 hour chart:
If one takes the high on May 7th as the top of a new base (alpha), and the subsequent low later that day as the bottom of the new base (beta), the following overlapping pattern appears.
2 hour chart:
Notice the confluence of extended targets right above 1.56.