Update for: 2012-07-30 - 2012-08-05

Posted on: Sunday, 29 July 2012 11:01


GBPUSD: 1.5743

 Short-Term Trend:  sideways


Last week I favored a short position and initially GBP was under pressure. But then it rallied strongly on Thursday on a news-inspired bounce and that negated the immediate bearishness. What's more the daily chart remains in sideways trend which means one can expect further upside. For now though I stick with the presented wave count for waves [1] and [2] down from the 1.63 top. But further rally this week will negate this count.
On the downside, the key support remains at 1.5260 and only a move below there will confirm our larger-degree bearish view.

Strategy: Holding short from 1.5600 is still favored against 1.5800.

Next Update: Sun, 08/05/2012.

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