Update for: 2011-09-26 - 2011-10-02

Posted on: Sunday, 25 September 2011 22:48

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GBPUSD: 1.5441

 Short-Term Trend:  downtrend

Outlook: Last week I said that we were in a bear market and if the pair rallied to 1.5950, this would be a good opportunity to take a short position. The market however was so week that couldn't reach the 1.5950 level. Instead, it continued its decline and reached 1.5327 before recovering a bit. The next Fibo levels to watch are 1.5260 and 1.5000, so I expect further weakness going forward. but right now the market is severely oversold. In a downtrend that may mean nothing but still one should be more careful if they are not already short - shorting right now may be too late.

Strategy: The short side is favored but the risk/reward ratio is not compelling right now.

Next Update: Sun, 10/02/2011

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