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Bounce extending: count 1.6155

Bounce extending: count 1.6155 | 06 November 2013

06 November 2013, GBP/USD

GBP/USD has bounced off the neckline of a possible double-top at 1.5900. The count from the lows has set an upside target of 1.6155, which it will probably rise to meet. It will probably then continue up to the range highs at 1.6252 as well. Short and medium term up-trends are now in sync ensuring there is underlying strength in the trend higher.The possibility of a double-top signalling a break-down and major trend-reversal has now also diminished.
Bounce extending: count 1.6155
Mark Satcher
Analyst of «FreshForex» company
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