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British Pound Technical Outlook
Friday, 14 August 2009 14:59:38 GMT  |  Jamie Saettele, Senior Currency Strategist
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The decline from the top is most likely a first wave.  I wrote yesterday Wednesday that “a second wave correction is underway now and could reach as high 1.6700/1.6800 (Fibonacci resistance).”  The decline could still extend upwards of 1.6795/1.6837 (see explanation for topping zone under EURUSD), but the rally from 1.6388 is in 3 waves to this point (corrective).  Reward/risk is not as high here as for the EURUSD. 

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