GBP/USD:
1.5945
Short-Term Trend: sideways
Outlook: For long I have expected to see a rally twd the 1.5950 Fibo level before the downtrend can resume. However last week I said that if a decline below 1.5680 occurred, that would be a sign that the downtrend had resumed already. Well, I was wrong, because the prices simply undercut briefly the 1.5680 level last Tuesday and then resumed their prev. advance. And now the 1.5950 level has been reached. If our analysis is correct, we should now see a decrease of upside momentum this week and then the trend should turn down. Since I am travelling, I can't cover the next week's development for you, but if clear signs of weakness are seen, shorts can be favored.