Bearish weekly Evening Star points lower for GBPUSD
Trading in cable on Monday was muted. A range of 80 pips kept the currency pair tightly inside Friday’s parameters. This indecisive "inside" day clearly shows some uncertainty but it is the lack of a positive rebound that emphasises the undertone remains negative after last week's completion of a bearish Evening Star pattern, with the downside expected to develop to reflect that negative formation.
Management and risk description
A move to 1.3832 means the stop can be lowered to break even.
Entry: sell in 1.3860/65 area and at 1.3876.
Stop: 1.3920 bid.
Target: 1.3832, 1.3796 and 1.3765.
Time horizon: intraday, closing 1600 GMT.
Sold at average