Main analysis

Update for: 2012-03-05 - 2012-03-11

Posted on: Sunday, 04 March 2012 16:00

gbpusd

GBPUSD: 1.5832

 Short-Term Trend:  sideways

Outlook:

The market moved abv 1.5950 and our hypothetical short position was stopped out. However, there was no follow through buying and the prices quickly returned below the 1.5950 level. As result, the daily chart remains quite neutral and rather unclear. The last week's price development does not allow us to confirm the wave count presented above. And that means that the probability of a rise twd 1.6380 is almost equal to the probability of a decline twd 1.5260. So, it makes most sense to be neutral here.

Strategy: The hypothetical short from 1.5780 was stopped out at 1.5950. Stay out.

Next Update: Sun, 03/11/2012.

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