Main analysis

Update for: 2012-12-17 - 2012-12-23

Posted on: Saturday, 15 December 2012 11:42

gbpusd st 20121215

GBPUSD: 1.6171

Short-Term Trend: sideways


GBP/USD traded mostly sideways last week, but still managed to advance and closed at 1.6171. Now, the confidence in the presented wave count is extremely low, as this Neutral Triangle pattern is a rare pattern. But for now I have nothing better here for the structure of the wave (E). So, I'll stuck with this count for the time being. Right now the immediate pressure is on the upside, but most likely the move up will remain choppy and the upside potential is considered limited to 1.6380 level.
On the downside, a decline below 1.6000 will negate and will signal that wave (E) from the May 2012 low has likely entered already.

Strategy: Stand aside.

Next Update: Sun, 12/23/2012.

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