GBP/USD Weekly Outlook and Trading Idea

By Roger Baettig | September 02 2012 1:52 PM

Update for: 2012-09-03 - 2012-09-09

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Posted on: Saturday, 01 September 2012 19:09

gbpusd

GBPUSD: 1.5863

Short-Term Trend: sideways

Outlook:

So far GBP has moved exactly as our red-line expectation was telling a week ago. Now, if the rally from the early June's low is wave (2), then it shold be over as it has already retraced 61.8% of the suspected wave (1). Thus, we are at a critical inflection point right now. Should GBP advance further, the presented wave count will become invalid. On the downside, we need a move below 1.5680 to revive the previous bearish expectations. So, the key levels to watch this week are 1.5680 on the downside and 1.5950 on the upside.

Strategy: Stand aside.

Next Update: Sun, 09/09/2012.

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