International Trading

GBP/USD: 1.5818 − Uptrend

Sunday, October 3, 2010 , Posted by Usman Ali Minhas at 11:43 AM

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gbpusd chart
GBPUSD: 1.5818
Short-Term Trend:  uptrend
Outlook:  It appears now that it was premature to raise the stop to hypothetical long position as we did last Wednesday. The prices briefly declined below 1.5720 but then rallied strongly abv that level. And our methodology shows the uptrend on the daily chart remains strong which means, the path of least resistance remains on the upside. Thus, after some hesitation earlier in the week, we expect to see another push higher twd the 1.60 level and possibly twd 1.6386 level. 
On the downside, only a move below 1.5600/1.5590 negates, signals a ST top is already in place.... 
Strategy:  The hypothetical long position from 1.5520 was stopped out at 1.5710 with 190 pts profit. Longs favorable again at 1.5680. Stop=1.5570. Target=1.6150

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