British Pound Technical Outlook

Published July 2nd, 2008 - 06:30 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 pair has tested 2.00 today so expect a sizeable reaction (lower).  1.9800 should provide support.

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