GBP/USD: Longs Favored At 1.5800
Trend Recognition | Sep 30, 2013 01:37AM ET
GBP/USD: 1.6137
Short-Term Trend: uptrend
Outlook: The market remains in strong uptrend and we still cannot confirm the completion of second wave (a) within the Double Zig-Zag from the early Sept low. So, the path of least resistance remains higher. From a trading standpoint, if you are long, that's okay. But, if one is on the sidelines, I believe a low-risk entry point will occur only if a pullback toward the lower trendline of the channel occurs. So, I favor a long position from 1.5800 level.
On the downside, only a violation of 1.5680 support will negate the current bullish picture.
Strategy: Longs favored at 1.5800. Stop=1.5650. Target=1.6300
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