Main analysis

Update for: 2012-06-25 - 2012-07-01

Posted on: Sunday, 24 June 2012 22:15

gbpusd

GBPUSD: 1.5582

 Short-Term Trend:  weak downtrend

Outlook:

GBP was stronger initially but as expected the prices faltered well below the 1.5800 level. Then at the end of the week, the market declined sharply as the prices moved below the 1.5680 level. So, the daily chart is now negative and I favor further weakness here. But the main question is if wave (2) on the chart above is over or not. The minimum price and time requirements for wave (2) have been met, so at this stage I will assume that it is complete. A decline below 1.5260 will confirm this bearish view and will likely bring weakness twd 1.5000 1st.

Strategy: Holding short from 1.5650 is favored against 1.5780.

Next Update: Sun, 07/01/2012.



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