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British Pound at 20 day Average

British Pound at 20 day Average

2011-03-09 15:41:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound at 20 day Average

Prepared by Jamie Saettele

Divergence with highs over the past month warns of a GBPUSD top. That top may very well be in place as the GBPUSD has declined over 200 pips from its recent high. Near term support comes in at 16050 and 15950 (both Fibonacci extensions and former supports). Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside as well.

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