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British Pound Technical Outlook

Wednesday, 09 July 2008 14:24:34 GMT

Written by Jamie Saettele, Technical Currency Analyst

A C wave (of either a triangle or flat) is underway.

If a triangle, wave C likely continues until 2.02 (March 27 top).  If a flat, wave C will continue through 2.04.  The drop from 2.0006 is viewed as corrective.  As long as price holds above 1.9583 (and ideally 1.9648), upside potential remains significant.

STRATEGY: Bullish, against 1.9583, target 1 at 2.0175, target 2 TBD

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