GBPUSD Very Bearish Below 1.4775

Published April 8th, 2009 - 08:13 GMT
Al Bawaba
Al Bawaba

The GBPUSD short term intraday pattern is confirming the larger bearish pattern that calls for a drop down to 1.40 as part of a traingle in the week(s) ahead.  The wave pattern suggests that the reaction to the Fed minutes will most likely be dollar positive (GBPUSD negative).  A short term bearish target is 1.45.  1.4775 should remain intact.