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British Pound Technical Outlook

Tuesday, 05 August 2008 14:01:15 GMT

Written by Jamie Saettele, Senior Currency Strategist

Remember, a triangle is most likely unfolding.  We wrote yesterday that “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.”  Expect a strong rally in wave e to begin today or tomorrow.

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