Update for: 2010-08-09 - 2010-08-15

Posted on: Friday, 06 August 2010 22:31


GBPUSD: 1.5952

 Short-Term Trend:  uptrend

Outlook: Not only GBPUSD has remained strong, but the pair has managed to break and stay above the upper trendline of the channel drawn on the chart. That's quite impressive to say the least. But, though that is an indication of strength, it also signals the recent upmove has likely entered a more volatile phase and if that's correct, we may soon see a deeper pullback back twd the 1.5680 level. But even such a pullback (if seen) will not destroy the bullish trend. Only a move below 1.5450 will be a signal that a ST top is finally in place.

Strategy: Stand aside.

Next Update: Wed, 08/11/2010, 09:00 - 10:00 CET

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