Main analysis

Update for: 2012-08-27 - 2012-09-02

Posted on: Saturday, 25 August 2012 18:28


GBPUSD: 1.5809

 Short-Term Trend:  sideways


We turned short almost two months ago and GBP was trading sideways during that time. However, last week it finally advanced and stopped us out. Now, the impulsive wave count from this year's top that is shown on the chart is in deep question. Why? - because the prices have already retraced 61.8% of the previous decline. Should GBP continue its rally and moves twd 1.6000 this wave count will be negated. If however, the pair returns below 1.5680, our bearish view can become live again.

Strategy: The short position from 1.5600 was finally stopped out at 1.5800. Stand aside.

Next Update: Sun, 09/02/2012.

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