Archived IMT (2010.04.12)

GBPUSD SHOOTING STAR on the daily candle is classic bearish pattern, which is illustrated on the Bloomberg terminal (based on 18:00 London --17:00 GMT closing). Despite a break above $1.5340 to $1.5480s, in Monday morning Asia (which was largely driven by Monday morning gap-ups in Asia) offers were heavy at $1.5420s, which markets the 38% retracement of the decline from the Jan 19 high to the Mar 25 low. The only caveat on this particular shooting start is that the body does not gap higher above the high of the previous day. The When using Reuters data, however, which is based on NY afternoon, the price pattern shows a large down day at the top of the prior candle. The possibility for sub $1.53 is suggested by cable, followed by $1.5170 later in week.