Update for: 2012-03-19 - 2012-03-25
Posted on: Sunday, 18 March 2012 19:59
Short-Term Trend: sideways
Last week GBP declined below 1.5640 but nothing happened as the decline quickly ended. The the Friday's rally turned the very short-term picture positive. So, ti appears that wave C of (E) might have started already. If correct, gains twd 1.63/1.64 will be expected. A move abv 1.5945 will confirm this bullish view. Going forward however, this upmove is expected to be the last rally prior to sharp decline toward 1.35 and below. With this in mind, the long side is now favored for a Short-Term trade...
Strategy: Longs favored in the 1.5800/1.5750 zone against 1.5600. Target=1.6300.
Next Update: Sun, 03/25/2012.
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