British Pound Technical Outlook

Published August 11th, 2009 - 06:07 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 expected upon completion of the initial bear leg from above 1.7000.  The trade here comes on selling the second wave bounce.