Short-Term Trend: sideways
GBP rallied strong last week and thus a new wave count was mandatory. When changing a wave structure, the best approach is to go on with the idea that requires the slightest change. Thus, I have remained the idea of the huge Contracting Triangle on the weekly chart from the Jan 2009 low. And simply wave (E) that started from the Jan 2012 low is assumed to be a Flat pattern. If that's the case, the market is likely to continue its rally in the next few weeks, but the prices should stay below the 1.6740 level.
On the downside, a move below 1.5950/40 will indicate that the current rally might have ended....
Strategy: Longs favored at 1.6130. Stop=1.5940. Target=1.6500.
Next Update: Sun, 09/23/2012.
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