Main analysis

Update for: 2012-04-30 - 2012-05-06

Posted on: Sunday, 29 April 2012 17:51


GBPUSD: 1.6259

 Short-Term Trend:  uptrend


GBP has continued its advance that thus our bullish view here has been fully justified. Our target at 1.6300 is just 40 pts away, so one should either take profits here (makes a lot of sense) or extend the upside target and raise the stop. The daily chart looks quite bullish and one can be quite optimistic based on this chart. However, I am not that optmistic because the weekly chart still tells me the upside is limited and GBP should start a major decline soon.
On the downside, I think that the 1st level of important support can be raised to 1.6080, so protective stops can go there.

Strategy: Holding long from 1.5800 is favored. Stop=1.6080. Target=1.6380.

Next Update: Sun, 05/06/2012.

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