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British Pound Technical Outlook

Wednesday, 15 October 2008 13:15:44 GMT

Written by Jamie Saettele, Senior Currency Strategist

The rally from 1.6775 is an impulse (5 waves) and a corrective decline from 1.7635 may be complete at 1.7375.  The position of the EURUSD suggests that a corrective decline in the GBPUSD is complete at that level, so a bullish bias is warranted. 

1.8266 would be where waves C and A would be equal assuming that the rally from 1.6775 ends up as an A-B-C advance.

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