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Ian Coleman - First 4 Trading
Ian Coleman of First4Trading.net explains in a technical analysis of charts why he is trading GBPUSD. He is selling at 1.3575 with a stop at 1.3605. His target is at 1.3430.
Day trade
Trade view / 17 August 2016 at 5:48 GMT

EURGBP: Temporary profit-taking to deepen

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURGBP
Price target:
Market price:
Background

Initial upside on Tuesday reached expected levels through .8700. But demand stalled, consolidated and in the latter part of the day corrected overbought extremes. This fall only yielded minor net downside and EURGBP is still close to the top of a rising Keltner channel. So the move remains assessed as temporary but immediate signals for sentiment are left temporarily negative.

Management and risk description

A move to .8611 means the stop can be lowered to break even.

Parameters

Entry: Sell in .8643/48 area and any rally to .8672.

Stop: .8699 bid

Target: .8611 and .8595

Time horizon: Intraday, ends 4pm London time.

Top of channel
Top of Channel
 Correction
Correction
 Long term
Long Term
 All charts from CQG. Create your own charts with SaxoTrader; click here to learn more.


— Edited by Susan McDonald


Non-independent investment research disclaimer applies. Read more
1y
Anton Bushin Anton Bushin
Hi Alan, do you consider this idea for today or pair will go up.
1y
AlanCollins AlanCollins
no - this call was for yesterday only. Although underlying tone remains positive our signals today are mixed and would only get involved above .8700

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