GBP/USD Weekly Outlook and Trading Idea

By Roger Baettig | April 23 2012 3:14 AM

Main analysis

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Update for: 2012-04-23 - 2012-04-29

Posted on: Saturday, 21 April 2012 15:16

gbpusd

GBPUSD: 1.6121

Short-Term Trend: uptrend

Outlook:

More than a month ago I turned bullish here when said that I favored a long position from 1.5800. Since then GBP has tested several times this level from the upside and every time it has held! So, our wave interpretation remains valid and I still expect to see higher prices twd the 1.63 level. The move up however is quite choppy on the daily chart, so it is impossible to raise the stop level right now. I continue to prefer the upside as long as the 1.5800 level holds as support.

Strategy: Holding long from 1.5800 is favored. Stop=1.5800. Target=1.6300.

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