Update for: 2011-08-22 - 2011-08-28

Posted on: Sunday, 21 August 2011 13:15


GBPUSD: 1.6462

 Short-Term Trend:  sideways

Outlook: The expected move higher twd 1.6650 did happen last week but on Friday GBP pulled back again. Theoretically wave (g) can end without making a new high abv 1.6745 but this is still considered a low probability scenario. So, we favor some further gains here, most likely twd 1.6810 before the bears take control.
On the downside, only a very fast move this week below 1.61 will indicate the entire rally from the May 2010 low might have finally ended...

Strategy: I am neutral here.

Next Regular Update: Sun, 08/28/2011.


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