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gbp technicals

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British Pound Technical Outlook
Thursday, 23 July 2009 13:50:18 GMT  |  Jamie Saettele, Senior Currency Strategist
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A triangle appears to be in its latter stages in the GBPUSD.  Triangles consist of 5 waves (a-b-c-d-e) and the rally from 1.5980 would be wave d of the triangle.  Favor the downside to at least 1.6260 near term in order to complete the triangle.  Such a drop would correlate with a short term decline in the EURUSD.

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