The pound sterling (IPA: /paʊnd 'stɜː.lɪŋ/, symbol: £; ISO code: GBP), often simply called the pound, is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands[1] and British Antarctic Territory.[2] It is subdivided into 100 pence (singular: penny).The Gibraltar pound, Falkland Islands pound and Saint Helena pound are separate currencies, pegged to the pound sterling.Sterling is the third-largest reserve currency, after the US dollar and the euro.[3] The pound sterling is the fourth-most-traded currency in the foreign exchange market after the US dollar, the euro, and the Japanese yen.[4]

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Wednesday, April 8, 2009

GBPUSD Very Bearish Below 1.4775


dailyfx.com
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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