GBP/USD Continues Its Bullish Consolidation
Trend Recognition | Mar 10, 2014 12:17AM ET
GBP/USD: 1.6711
Short-Term Trend: uptrend
Outlook: GBP continues to consolidate above the rising 21-day moving average and that is bullish. We need a firm move above 1.6820 however to confirm the next leg higher toward 1.7080 Fibo level is under way. Until that happens, we should allow for more sideways choppy trading.
On the downside, only below 1.6590 will negate and will indicate that wave (a) on the chart above has likely ended already. If that's the case, we can see a decline toward 1.6386 level before another advance toward 1.6820 takes place...
Strategy: Holding long from 1.6650 is favored. Stop=1.6580. Target=1.7080.
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