British Pound Technical Outlook

Published August 12th, 2009 - 06:37 GMT
Al Bawaba
Al Bawaba


The GBPUSD break above 1.6750 was from a triangle and thrusts from triangles are terminal (meaning that they complete larger degree moves).  The next chart support is 1.6340.  Near term, the decline from the top is most likely a first wave.  A second wave correction is underway now and could reach as high 1.6700/1.6800 (Fibonacci resistance).