British Pound Crosses: Upside Potential

The British Pound crosses are expected to advance from current levels.

GBPCHF

A triangle appears to be unfolding. This does not change the bearish bias in the long run, it just delays it. Expect range trading over the next several weeks in waves c, d, and e of the triangle. Ultimately, we expect a test of long term measured support; at 1.9125.

GBPCAD

Looking out longer term, the GBPCAD has held within the boundaries of a downward sloping channel. The decline from the 2006 high at 2.3579 is in 5 waves and wave 4 was a triangle. Expect a return to at least the 38.2% of the drop from 2.3579, which is at 2.0407.

GBPAUD

A long term downward sloping channel has contained price since September 2001. The rally from the bottom of the channel is expected to reach the upper channel line (probably in a number of weeks though). Price ideally remains above 2.1802

GBPNZD

A C wave is working higher from the low earlier this year. This advance will most likely exceed 3.0702 within the next number of months. 2.5726 may be a wave ii of 2 low. A bullish bias is warranted against there although price ideally remains above 2.6420

DailyFX

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