Update for: 2010-08-16 - 2010-08-22

Posted on: Sunday, 15 August 2010 13:40

GBPUSD: 1.5589

 Short-Term Trend:  uptrend

Outlook: GBPUSD topped out at 1.5997 and then declined sharply last week. The daily oscillators are now giving out reliable sell signals but the price is still around the rising 21-day moving average which keeps the daily trend on the upside. Our guess is that GBPUSD will attempt one more rise this week to re-test the last week's top, however, if the presented wave structure is indeed unfolding, a sustained move abv 1.6000 is not favored.
On the downside, to confirm the next move down twd 1.3500 is under way (wave C of (3)), we need to see a daily close below 1.5259...

Strategy: Stand aside.

Next Update: Wed, 08/18/2010, 09:00 - 10:00 CET

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