British Pound Technical Outlook

Published September 24th, 2008 - 05:59 GMT
Al Bawaba
Al Bawaba

There is no reason to alter the bullish view but watch for resistance near 1.878.  This is the confluence of the 38.2% of the entire decline from 2.1160 as well as daily highs from August.



 Not shown on the chart is a Fibonacci extension at 1.8815.  In summary, expect strength to continue into roughly 1.88, but then the GBPUSD will be vulnerable to a pullback (much like the EURUSD).