Main analysis

Update for: 2012-02-27 - 2012-03-04

Posted on: Sunday, 26 February 2012 22:11


GBPUSD: 1.5868

 Short-Term Trend:  sideways


The market rallied strongly on Thursday and Friday last week and thus almost negated the previous bearish analysis. The market is still below the 1.5945 level, so theoretically the wave count that I have followed may still be valid. But price pattern is bullish now for gains twd 1.6386 and that is reflected by the wave count presented above. A move abv 1.5945 will confirm this oultook. on the downside, only below 1.5645 is bearish for 1.5260....

Strategy: Holding short from 1.5780 is favored. Stop=1.5950. Target=1.5280.

Next Update: Sun, 03/04/2012.

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