Update for: 2012-07-09 - 2012-07-15

Posted on: Sunday, 08 July 2012 21:30


GBPUSD: 1.5488

 Short-Term Trend:  sideways


The decline in GBP/USD was not as strong as the one in EUR/USD last week but it too managed to head lower below last swing low (1.5483). So I hope (because of my bearish position here) that GBP will continue lower this week. But objectively speaking, as long as it stays abv 1.5260 level, the daily trend is best defined as sideways. And that fact does not allow me to lower the stop to the hypothetical short position that I follow. The key on the upside remains the 1.5780 level.

Strategy: Holding short from 1.5650 is favored against 1.5780.

Next Update: Sun, 07/15/2012.

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