Main analysis

Update for: 2011-12-12 - 2011-12-18

Posted on: Sunday, 11 December 2011 11:46


GBPUSD: 1.5665

 Short-Term Trend:  weak downtrend


GBP did nothing last week as it traded in a very tight range between 1.5560 and 1.5760. Unfortunately I didn't deal well with this range-trading as the short atttempts in our daily updates did not work our and the Shor-Term bearish position was also stopped out. I simply thought the market was already in an acceleration mode lower and didn't expect to see a trading range environment for the entire week.
Now, the ST downtrend has weakened and if a rally abv 1.5760/80 is seen, then the daily chart will even turn neutral and gains twd 1.5950 will be favored. But as long as the indicated resistance caps the upside, my bias remains on the downside. But below last week's low (1.5560) is needed to confirm wave C down has resumed...

Strategy: Stand aside.

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Next Update: Sun, 12/18/2011

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