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Foreign exchange markets continue to be characterised by low volatility, says Saxo Bank's John Hardy, but GBP is approaching an interesting inflection point at 0.90 versus EUR. Meanwhile, industrial metals are lower following a cautious speech by Chinese president Xi Jinping.
Day trade
/
Sell
Trade view / 13 October 2017 at 5:58 GMT

EURGBP's negative turn in sentiment to deepen

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURGBP
Price target: 0.8872
Market price: 0.8920
Background

Yesterday's bullish bias was confirmed as initial, strong demand took EURGBP to all three of our upside objectives. But with the cross at four-week highs, the top of the daily Keltner channel, and overbought extremes, demand stalled, and reversed. 

The change in investor sentiment was powerful with the market falling more than 120 pips back to the 13/100-day moving average area. Until that area is effectively breached, negative studies cannot be strong but they do suggest a more serious test of the averages.

Management and risk description

A move to 0.8890 means the stop can be lowered to break-even.

Parameters

Entry: sell in 0.8925/30 area and at 0.8944.

Stop: 0.8975 bid.

Target: 0.8890 and 0.8872.

Time horizon: intraday, closing 1500 GMT.

Back to averages
Back to Averages
 
Upside rejection
Upside Rejection
 
Long term
Long Term
Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
13 October
alki alki
1st TP hit.
13 October
AlanCollins AlanCollins
yep. Stop should be no higher than break even
13 October
alki alki
Closed it at 8890. 35 pips of profit is more than enough for less than 2 hrs of trading. Thanks, Alan!
13 October
AlanCollins AlanCollins
you're quite right and it's my pleasure
13 October
BearishCecio BearishCecio
Nice :) What about buying now?

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