Update for: 2012-10-15 - 2012-10-21

Posted on: Saturday, 13 October 2012 17:51

gbpusd st 20121013

GBPUSD: 1.6067

Short-Term Trend: weak uptrend


GBP was under pressure for most of last week but still managed to hold above the important 1.5945 Fibonacci level. Thus, the wave count presented above still makes sense and suggests we will see one more (final?!) rally the 1.6386 Fibonacci level. A move above 1.6215 is needed to confirm this bullish outlook.
On the downside, should the market break below 1.5945 level, I'll have to conclude that wave C on the chart above has already ended....

Strategy: Holding long from 1.6130 is favored. Stop=1.5940. Target=1.6500.

Next Update: Sun, 10/21/2012.

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