British Pound forecast as of 05/19/2009

GBPUSD –For shorter term, Elliott shows that, market is in the process “Flat” (FL) 3rd wave in the range of 1.5081 – 1.6564 between April 30th and July 15th .

Market move below 1.45 signals that move up might be done and new wave down started.

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Flat is a three wave pattern, where 1st and 2nd wave are corrective in nature and 3rd, the last wave, impulsive in nature.