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British Pound Technical Outlook

Tuesday, 19 August 2008 13:37:13 GMT

Written by Jamie Saettele, Senior Currency Strategist

Cable continues to consolidate just above the 1.85 figure.  Measured support from the 100% extension of 2.1160-1.9337-2.0396 at 1.8573 and the 61.8% of 1.7047-2.1160 at 1.8618 should lead to a bounce from near current price. 

Also, extending a line parallel to the line drawn off of the November 2007 and July 2008 highs from the January 2008 low provides potential channel support.

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