There is a bearish butterfly pattern forming on the GBP/JPY.

A bullish Gartley and double bottom has led to a GBP/JPY rally. We will now update this trade based on its price action over the past day.

A bullish Gartley and double bottom is forming on the GBP/JPY.

There is a bullish Gartley and double bottom forming on the GBP/CHF.

There is a bearish Gartley and double top forming on the GBP/AUD.

A bullish Gartley pattern is forming on the GBP/CAD.

There is a bearish 3 drives pattern forming on the GBP/USD.

There is a bearish Gartley pattern forming on the EUR/CHF.

There is a bearish Gartley pattern forming on the GBP/CHF.

As expected the Bank of England kept rates on hold at 50bp but also voted to continue with its GBP 75bn "Quantitative Easing" Asset Purchase Program, noting that "since its previous meeting a total of just over GBP 26bn of asset purchases had been made and that it would take a further two months to complete that programme".

The GBP/CHF is at the completion of a Bearish Gartley and Double Top.

The EUR/GBP is on the cusp of a medium-term bullish break-out as prices come off bullish Gartley pattern completion at daily trendline support.

A bearish Gartley and double top is forming on the GBP/CHF.

Will the GBP/USD continue to extend gains? Not if 1.436 has anything to say about it....

A bullish Gartley pattern and double bottom are forming on the EUR/GBP.

UK Retail Sales printed much worse than expected coming in at -1.9% vs. -0.3% forecast as UK consumers faced with the worst labor market conditions since the early 1980’s sharply cut their spending in February. The news was not totally surprising given the weakness in the overall UK economy and the steep drop in CBI March Distributive Trades survey yesterday.

The GBP/USD is poised for an intraday break-out as prices have been trapped within a narrow range.

UK jobless rolls swelled by 138.4K versus expectations of 84.5K as the overall unemployment number crossed the critical 2 Million mark. The claimant count rate increased by 4.3% versus 4.0% forecast while average earnings including bonus dropped from 3.2% the month prior to 1.8% in January.

An update to this morning's GBP/USD and EUR/USD trades....

A bearish Gartley pattern is forming on the GBP/CAD.

There is a profit target update for the bearish Gartley we have been watching on the EUR/GBP.

The EUR/GBP has completed a bearish Gartley pattern.

An update to yesterday's GBP/USD short as initial target of 114 pips achieved.

In a move that surprised no one Bank of England cuts rates by another 50bp to 0.5%. Additionally, in a first detailed communication to the market as to how it intends to pursue quantitative easing to help stimulate the moribund UK economy, the central bank announced that it will purchase up 75 Billion GBP of securities by using its own reserves.

A bearish Gartley and double top is forming on the EUR/GBP.

There is a bearish Gartley forming that may create strong resistance on the GBP/JPY.

There is a bullish Gartley forming on the EUR/GBP 1hr Chart.

There is a long term bearish Gartley pattern forming on the EUR/GBP.

UK Retail Sales posted a gain of 0.7% versus forecast of 0.0% surprising the currency market which was geared for a much weaker result. December's data was also revised upward coming at very healthy 1.6% rate. The news confirms the sharp rise in BRC retail sales earlier in the month and suggests that UK economy may be more resilient than the market current dour consensus.

Dollar steadily lost ground during the Asian and early European sessions today as bargain hunting and short covering helped drive both the euro and pound higher. After coming close, but failing to take out the psychologically important 1.2500 level yesterday, EUR/USD catapulted higher on a buy recommendation by US investment bank that cited excessive bearishness in the EZ and the Eastern European economies.

Traditionally, EUR/GBP is known as the range trading currency. Compared to the other commonly traded currency pairs, it used to have one of the narrowest average daily and monthly ranges. For example, between 2005 and 2007, EUR/GBP traded within a 400 pip range.

There is a bullish Gartley and double bottom forming on the GBP/CHF.

At least six levels of support are forming in one area of the GBP/AUD.

An update to this morning's technical report as wicked volatility follows Geithner's Financial Stimulus Plan roll-out...

An update to last week's short after hitting initial target (T1) of over 500 pips

A large bullish Gartley has nearly completed on the EUR/GBP.

An update to last week's "GBP/AUD may provide excellent sell opportunity" technical feature...

In yesterday’s Daily Currency Focus we warned that investors should not bank on an Obama bounce. Based upon 5 decades worth of data, the Dow Jones Industrial Average fell more often than it rose on Inauguration Day. In fact stocks fell more on Barack Obama’s Inauguration Day than any other President. Since currencies are taking their cue from equities, we have seen a sharp slide in almost all of the major currency pairs. The dollar has outperformed the Euro and British pound but it has declined against the Japanese Yen indicating that the dollar’s rally is a reflection of pessimism and not optimism. We are seeing a flight to safety into US dollars but bonds are the instruments of choice and not equities. President Obama inherits a very troubled economy and he certainly has his work cut out for him over the next few years. However brighter times may lie ahead for US stocks based upon the performance of the Dow in the first 100 days on a President’s term.