Breakdown confirmed (2010-08-31 GBP analysis)

Hang Seng Index HSI was resisted by the level of around 20,800 yesterday and plunged today, back to 20,513 at this moment. The two stocks in JPHK, 1228.HK and 0161.HK losing 6.27% and gaining 4.27% respectively, roughly cancelled out and my portfolio value is losing a bit. I would update it tonight.

Now let's see analysis on GBP:

Above is the 4-H chart for GBP. A triangle has formed and the pounds broke it around 20 hours ago. The breakdown was confirmed, and it is heading down to 1.5242 predicted by the height of the triangle using fibs.