British Pound Technical Outlook

Published May 29th, 2008 - 06:48 GMT
Al Bawaba
Al Bawaba

Support held just below 1.97 and a 4th wave should be complete at 1.9672.



The corrective sequence took the form of a double flat (complex and labeled W-X-Y).  Complex forms such as this are common in 4th waves.  Risk can moved to 1.9671 and the target is above 1.9850 (at minimum).

STRATEGY: Bullish, against 1.9671, target above 1.9850