Bouncing after steep sell-off | 17 October 2013
17 October 2013, GBP/USD
GBP/USD is in a short-term down-trend after making lower lows and reaching 1.5900 on the last low. Currently a recovery is underway, however, and has broken above its 45° trend-line and set a target at 1.61025. Because this target is against the main current of the short-term trend, however, I have placed it in square brackets. A break above the recent peak highs at 1.6050 would add more confirmation to the up-move.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
