Update for: 2012-08-20 - 2012-08-26

Posted on: Sunday, 19 August 2012 19:52

"gbpusd

GBPUSD: 1.5693

 Short-Term Trend:  sideways

Outlook:

Nothing important has happened here as the trading remains within the recent range between 1.5460 and 1.5770. The price action from the early June's low resembles a Contracting Triangle and if that's the case, that will prove that our wave count is wrong (because wave two can never be a triangle). On the other hand, if the prices move briefly abv 1.5770 and then plunge, that will re-inforce the presented wave count. In either case, we need a move below 1.5460 in order to confirm a downside breakout and weakness twd at least the 1.5260 level...

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

Next Update: Sun, 08/26/2012.



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