British Pound Technical Outlook

Published July 8th, 2008 - 06:24 GMT
Al Bawaba
Al Bawaba

A C wave (of either a triangle or flat) is underway.



If a triangle, wave C likely continues until 2.02 (March 27 top).  If a flat, wave C will continue through 2.04.  The drop from 2.0006 is viewed as corrective.  As long as price holds above 1.9583 (and ideally 1.9648), upside potential remains significant.

STRATEGY: Bullish, against 1.9583, target 1 at 2.0175, target 2 TBD