Update for: 2012-03-26 - 2012-04-01
Posted on: Sunday, 25 March 2012 17:55
Short-Term Trend: sideways
A week ago I favored longs in the 1.5800/1.5750 zone against 1.5600. My reasoning was that wave (E) was already under way and gains twd 1.63/1.64 area were quite possible. Well, the 1st part of this forecast was correct as GBP declined right into the middle of expected support area (the low last week was near 1.5770). Now, it remains to be seen if the second part of my forecast will be correct. A move abv 1.5945 is required to confirm the presented analysis. If that happens, a rally twd 1.63 will become a real possibility. On the downside, the key support remains near 1.5600 level...
Strategy: Holding long from 1.5800 is favored. Stop=1.5600. Target=1.6300.
Next Update: Sun, 04/01/2012.
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