Update for: 2012-09-24 - 2012-09-30

Posted on: Sunday, 23 September 2012 09:45

gbpusd st 20120923

GBPUSD: 1.6228

Short-Term Trend: uptrend


The trading here was calm last week. We saw a pullback twd 1.6163 (but it was shy of my prefered entry level on this time frame at 1.6130) followed by a small rise on Friday to 1.6308 before the pair pulled back again. So far our wave intrepretation remains on track. Based on this intepretration the market should top between the current levels and 1.6740. To signal a top, this market needs to pull back below 1.6000 at least. So, until we see a sustained move below 1.6000, the trend is asumed to be on the upside.

Strategy: Longs favored at 1.6130. Stop=1.5940. Target=1.6500.

Next Update: Sun, 09/30/2012

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