GBPUSD Another Perspective

FX:GBPUSD   British Pound / U.S. Dollar
273 3 2
UPDATE 07-11-2014 Stops brought to break even

A lot of people (including me) are rooting for the pair to rise from the ashes. However we could even see a continuation of the hammering. We have to be prepared for the unforeseen and thus this analysis.
We now see a bear flag forming, in which we have a down leg also called the pole, and a rising flag which signifies consolidation. However, a break of the flag will lead to the downward trend continuation to the extent and measure of the pole.
The trade has a great risk-reward ratio but make sure to enter only on break of the flag to the downside

Trade Type: Trend Continuation
Price: 1.5977
Target: 1.5739
Stops: 1.6043
R/R Ratio: 3.5
90% to target achieved. trade closed..
I think alsow short we can see on 1h chart at gbp/usd create SHS formation at the line of flag breakout so this signal is more strong ;)
Yes it certainly looks like a possibility. I think a lot depends on the sp500
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