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EURGBP--Tuesday, September 29, 2009

Just a quick update on a pattern first demonstrated in this post on September 17th, then followed up on the 18th, then the 21st, and yesterday.

First the whole pattern with impulsive move from the base--a daily chart:
090929-0717-egday.gif

Then in more detail on a 4 hour chart:
090929-0708-eg4hr-a.gif

For now, support might come in at the former resistance level, approximately 0.9075 to 0.9115. Another possiblity is that rather than providing support, this area could become a focus of range trading before another move up towards the 4.236 Fibonacci target.

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