Update for: 2011-02-07 - 2011-02-13

Posted on: Sunday, 06 February 2011 18:30


GBPUSD: 1.6108

 Short-Term Trend:  sideways

Outlook: The market is now overbought and the wave count says the market should decline sharply now. However, the confidence in this wave count is extremely low so it is better not to count on that too much. Until the prices move below at least 1.5810, the current pressure is on the upside and the trend on the daily chart is sideways. So, the price evidence do not support the bears right now, but it is not much supportive for the bulls either. To win the battle, the bulls need to move prices abv the 1.6300 level. In our opinion, it is best to wait now until the trending conditions improve and the wave count becomes more clear...

Strategy: Stand aside.

Next Update: Wed, 02/09/2011, 09:00 - 10:00 CET


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