British Pound Technical Outlook

Published February 20th, 2008 - 07:20 GMT
Al Bawaba
Al Bawaba



 

 

Cable is certainly testing our nerve as bulls.  Still, our line in the sand is 1.9386.  The drop from 1.9736 to 1.9409 is best counted right now as a complex double zigzag.  Within the second zigzag, wave b is an expanding triangle (which is extremely rare).  We are looking for price to turn up more or less now.

STRATEGY: Bullish, against 1.9386, target above 1.9957