Autochartist has recently identified the High Quality Flag chart pattern on the daily GBP/JPY charts. Autochartist rates the overall Quality of this Flag at the 8 bar level which is the consequence of the sharp Initial trend (rated at the maximum 10 bar level) as well as the above-average Uniformity (6 bars) and higher Clarity (8 bars). The high Initial Trend of this Flag reflects the strength of the preceding upward price impulse from the major long-term support level 119.00 (this level has been reversing the pair up form the start of 2009). The bottom of this Flag (point D on the chart below) formed at the 38,2% Fibonacci Retracement of the aforementioned preceding upward price impulse from 119.00. This Flag encloses the Clear ABC correction of the preceding upward price impulse. The pair is expected to rise further toward the upper resistance trendline of this chart pattern.
The following daily GBP/JPY chart shows the support levels mentioned above:
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