The up move beginning last SEptember has run into substantial resistance, generating a count of 8 across the 47 line. Should we start down which I think is likely a retest of 39 is probable.
As mentioned in a previous post, we had a count of 7 across the 149 line with a target of 156. The pound fell about half a point short so the final x was not registered and it was stopped by the previous support/resistance line at the 3"o's" at 156. It also looks like a trendline goes through 155 off 166 and 162. The pound might be a good trade for those wanting to play the possible unwinding of the carry trade if risk assets begin to fall. The pound-yen and euro-yen have performed well at this in the past.
