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British Pound Setting Up to Plunge in April

British Pound Setting Up to Plunge in April

2011-03-31 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Setting Up to Plunge in April

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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