British pound established important reversal chart pattern – head and shoulders – on its weekly chart. As you can see on chart of currency ETF tracking British pound it is near important horizontal support level.

As USD looking more strong these days there is really good chance for breakdown of this level with target near 180 (for this currency ETF stock). You can of course trade GBP also on Forex market.

This entry was posted on Thursday, May 8th, 2008 at 3:09 pm and is filed under ETF analysis, ETF trade setup. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.