Main analysis

Update for: 2013-01-28 - 2013-02-03

Posted on: Sunday, 27 January 2013 11:00

gbpusd st 20130127

GBPUSD: 1.5795

Short-Term Trend: downtrend


The decline is not as fast as we wanted, but still the prices have broken below the 1.5820 chart support and we can now confirm the completion of wave E (and therefore wave (E) as well) on the chart above. The next potential support can be expected at 1.5680 and then comes the very important 1.5260 level (honestly I don't see much support between 1.5260 and 1.5680).

On the upside, a move abv 1.5945/1.6000 is unlikely at this stage but only abv 1.6100 will negate our bearish case....

Strategy: Holding short from 1.6170 is favored. Stop=1.6110.

Next Update: Sun, 02/03/2013.
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