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i also agree with you...the sub prime mess is likely just the first story of many that will come out of the closet. still, the bullishness that pervades the stock market and the willingness to take on risk is so strong that the sub-prime debacle has been tossed aside. that said, there will be a tipping point (there always is). ultimately, i think that gbpjpy will come down to the lower channel line on this weekly chart. whether the turn will come before 241.49 is impossible to say although the turn should come close to the upper channel line (which was breached slightly in january.
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