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British Pound Technical Outlook

Tuesday, 11 November 2008 13:40:19 GMT

Written by Jamie Saettele, Senior Currency Strategist

Altering the count slightly, I now favor the idea that a flat is underway from 1.5259. 

In flats, it is common for wave b to slip below the origin of wave a (1.5259 in the case).  Since the EURUSD may have completed its triangle, a drop below 1.5259 prior to formation of a more tradable low seems likely.

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