Barbara
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Pound May Extend Decline to $1.8300 in 2 Weeks - 2008/08/25 20:14
Good Monday, everyone! Yeah, I know we all get depressed after a lovely weekend, but we can be cheered up by some nice profits 
The British pound may extend its decline to $1.8300 in the next two weeks after the currency closed on Aug. 22 below so-called support at $1.8620, said Pak Lai Ng, a technical analyst at Forecast Pte Ltd. in Singapore.
Support at $1.8620 was a 61.8 percent retracement of the pound's rise from the November 2005 low of $1.7049 to the November 2007 high of $2.1161, based on a series of numbers known as the Fibonacci sequence. Support is where buy orders may be clustered.
The pound fell to $1.8438 at 1:30 p.m. in Tokyo from $1.8527 in New York on Aug. 22. It reached $1.8413, the lowest since July 26, 2006. The currency has dropped 13 percent since touching a 26 1/2-year high of $2.1161 on Nov. 9.
The $1.8300 level is a 38.2 percent Fibonacci retracement of the currency's advance from the June 2001 low of $1.3682 to the November 2007 high, according to Ng.
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