Main analysis

Update for: 2013-01-07 - 2013-01-13

Posted on: Sunday, 06 January 2013 17:57

gbpusd st 20130106

GBPUSD: 1.6067

Short-Term Trend: sideways


GBP was extremely volatile last week. It first rose to 1.6339 but then declined sharply. Thus, the bearish idea has been actually re-inforced. Now, we need a move below 1.5820 by the mid February to confirm a majro trend reversal. That's plenty of time and if the market has indeed reversed, it will not be difficult to meet this requirement. If that happens, I will expect weakness twd the key 1.5260 level eventually.
On the upside, the key resistance remains in the 1.6300/1.6380 zone...

Strategy: Holding short from 1.6170 is favored. Stop=1.6350.

Next Update: Sun, 01/13/2013.

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