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British Pound Breaks Down

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Contributed By: DailyFx

 British_Pound_Breaks_Down

The GBPUSD is failing just ahead of its year+ resistance line. The line is at 16310 this week. For some time, I’ve favored the idea that a triangle is unfolding from the January 2009 low. If this is the case, then the GBPUSD should decline for months towards 15000 in wave d. A more bearish count is shown above. Near term focus is on 15500. 15660 is resistance.