Main analysis

Update for: 2012-12-24 - 2012-12-30

Posted on: Saturday, 22 December 2012 22:09

gbpusd st 20121222

GBPUSD: 1.6168

Short-Term Trend: sideways


As you know I have been expecting a rally above 1.6300 level for months. And finally we got that rally last week when the pair printed a high at 1.6306. Ideally my upside target was 1.6380, but nevertheless the minimum requirement was filled. And the sharp retreat on Thursday and Friday suggests an important top has likely been formed already. To confirm this view we need a decline below 1.6000 before the end of the year. The daily trend is considered sideways and the daily oscillators are overbought. These factors together with the wave structure tell me to favor the short side here. The confidence is not very high, but this is what I see now....

Strategy: Shorts favored here against 1.6350.

Next Update: Sun, 12/30/2012.

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