British Pound Setting Up to Plunge in April
60 Minute Bars
Prepared by Jamie Saettele
The sharp decline from 16400 is probably the beginning of larger wave D of the triangle that began at the 2009 low. The GBPUSD has retraced about half of the decline from 16400, reversing right at a former short term pivot low. A poke above this morning’s high but the larger trend is viewed as down against 16400 and Cable is setting up for a weak April. I’ll use the beginning of April as an opening range from which to structure a short position.
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