Wednesday, April 8, 2009

Trade Brewing - GBPUSD Very Bearish Below 1.4775

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.

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