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Update for: 2011-05-02 - 2011-05-08
Posted on: Sunday, 01 May 2011 18:00
GBPUSD: 1.6703
Short-Term Trend: uptrend
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Outlook: GBPUSD successfully tested the 1.6425 level from the upside and turned higher again. The fact that the previous resistance level provides support now is a strong bullish sign. Thus, we remain bullish and expect to see gains twd 1.6813 initially and twd 1.7083 eventually. Only a decline below 1.6425 will not be consistent with this bullish view. From a trading perspective, we now favor raising the stop to breakeven and extending the target to 1.7050 as indicated below.
Strategy: Holding long from 1.6450 is favorable. Stop=1.6450. Target=1.7050.
Next Update: Wed, 05/04/2011, 09:00 - 10:00 CET
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