GBPUSD: 1.5451
Very Short-Term Trend: weak downtrend
The market rallied on Friday slightly to 1.5475 and then pulled back again. This morning however it is once again trading near the important 1.5450 level. Thus, the hourly downtrend remains weak and actually it has weakened furthern compared with our last update.
The hourly oscillators now point up, so a surprising move on the upside can be seen today. But right now, we still favor the downside from here. A move below 1.5400 will confirm our bearishness and will likely yield weakness twd the key 1.5300 level.
On the upside, a move abv 1.5490/95 negates, signals a low is in place and gains twd 1.5600 will become likely in this case.
Strategy: Holding short from 1.5455 is favorable. Stop=1.5505. Target=1.5325