Main analysis

Update for: 2012-06-04 - 2012-06-10

Posted on: Sunday, 03 June 2012 09:03

gbpusd

GBPUSD: 1.5355

Short-Term Trend: downtrend

Outlook:

GBP fell sharply last week. And the market stayed very far below the 1.5900 level which I favored for entry point. Now, the market is heavily oversold, so some kind of a recovery may be expected early this week. If such a recovery indeed takes place, we may see gains twd 1.5680 level. Such a rally will likely be favored as a selling opportunities by the big players, because the daily trend is down.
On the downside, firm break below 1.5260/30 may bring a panic sell-off all the way down to 1.50000.

Strategy: Shorts favored at 1.5650 against 1.5850.

Next Update: Sun, 06/10/2012.


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