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British Pound Technical Outlook

Monday, 04 August 2008 14:07:25 GMT

Written by Jamie Saettele, Senior Currency Strategist

This is a closer look at the triangle.  Last week, we wrote that “it is likely that wave d of the triangle is underway towards 1.9550/1.96.”  Wave d should end this week and give way to the final leg of the triangle.  We’ll look for a top and reversal late this week or next week in order to position for the expected drop below 1.93 that will complete the entire bear sequence from 2.1160.

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