Update for: 2011-11-21 - 2011-11-27

Posted on: Sunday, 20 November 2011 14:17

gbpusd

GBPUSD: 1.5802

 Short-Term Trend:  downtrend

Outlook:

The break below 1.5870 last week confirms the wave B from the early Oct low is over and if the presented wave count is correct, weakness twd 1.5000 lies ahead. Thus, I am bearish now as long as the prices stay below 1.6000 and 1.6100. A decline below 1.5680 will further solidify that bearish view. The daily oscillators more or less confirm the bearish outlook as well. So, with all this in mind, I favor shorts here as the downside potential is quite large at this point.

I encourage you to wath my video analysis on all major markets (forex and stocks) that I recorded for you on Sunday.