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British Pound / US Dollar 05-10

British Pound / US Dollar 05-10

2010-05-10 16:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 GBPUSD0510

 
The decline below 14780 satisfies bearish expectations.  It is possible that the decline completes 3 waves down from the 2009 high but that bullish count would be at odds with the other USD wave counts.  In any case, near term strength probably tests at least 15125-15190.
 
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.
 
 
 

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