Main analysis

Update for: 2012-06-18 - 2012-06-24

Posted on: Sunday, 17 June 2012 20:15


GBPUSD: 1.5711

 Short-Term Trend:  weak downtrend


As expected GBP/USD rallied to 1.5680 level last week and our short strategy was elected. The question is what's next. If wave [5] down has already started (as I assume), than the prices will falter below 1.5800 this week and will head down twd 1.5000 level very quickly. However, if sustained trading abv 1.5800 is seen, then the picture will become less clear and the confidence in the presented wave structure will be very low. So, let's see if GBP/USD will follow the suggested path. I think we will know much more about the Short-Term direction of this market in a week.

Strategy: Holding short from 1.5650 is favored against 1.5850.

Next Update: Sun, 06/24/2012.

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