Main analysis

Update for: 2011-11-28 - 2011-12-04

Posted on: Sunday, 27 November 2011 15:45


GBPUSD: 1.5433

 Short-Term Trend:  downtrend


We were bearish a week ago and we were bearish the entire week in our daily's updates. And GBP fell gradually twd 1.5450/1.5400 area. This price action is a clear sign that the wave count presented on the chart above is correct and we expect to see further weakness this week twd 1.5260 and eventually to 1.5000 level. The market is now oversold, but that by itself does not mean the decline should stop. So, as long as the prices stay below 1.5680, we favor the downside.
On the upside, a move abv 1.5680 negates, risks recovery twd 1.5950...

Strategy: Trading from the short side (holding short) remains favorable as long as the prices stay below 1.5700. Target=1.5000.

Next Update: Sun, 12/04/2011.

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