GBP/USD Short-Term Update
By Alexander Nikolov
posted 20:48 11/20/11
| Forex Analysis
 
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GBPUSD: 1.5802

Short-Term Trend: downtrend

Outlook:

The break below 1.5870 last week confirms the wave B from the early Oct low is over and if the presented wave count is correct, weakness twd 1.5000 lies ahead. Thus, I am bearish now as long as the prices stay below 1.6000 and 1.6100. A decline below 1.5680 will further solidify that bearish view. The daily oscillators more or less confirm the bearish outlook as well. So, with all this in mind, I favor shorts here as the downside potential is quite large at this point.

I encourage you to wath my video analysis on all major markets (forex and stocks) that I recorded for you on Sunday.

 
 
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