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British Pound Break Targets 15750

British Pound Break Targets 15750

2011-03-15 14:36:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Break Targets 15750

Prepared by Jamie Saettele

The GBPUSD continues to test its 50 day average. Again, the larger pattern is a triangle from the 2008 low and I therefore favor selling rallies. Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside. A break of the 50 day average would shift focus to the support line that extends off of the May and December lows, which intersects 15750 (pivot low) on Friday.

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