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Monday, April 2, 2012

GBPUSD Update


For the past two weeks we have been following the move in GBPUSD. Right now we are in the final hours of upward movement in the pair and we should see more pressure to the downside, with initial target of 1.5750. In the last week's post I mentioned that this might be the end of wave E of the triangle formation on the weekly basis(see last week's update on GBPUSD). However if wave E happens not to be complete, we should see some pressure to the downside this week and then it should be followed by very sharp reversal leading us to 1.63 area. I will post an update later in the week when we reach 1.5750 and bellow.

Good Luck:)

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