GBPUSD: Asian demand to extend temporarily
Confirming the expected negative weekly bias, early selling yielded an important 1.2852 target. But that proved the low as, once again in volatile trading, sentiment turned sharply.
The result was that - for a third day in a row - there was only minor net movement but although this reflects on-going uncertainty the underlying situation is fairly clear and it looks positive for GBP.
Management and risk description
A move above 1.3095 means the stop can be raised to break even.
Entry: Buy in 1.3070/75 area and any dip to 1.3042.
Stop: 1.2998 offered.
Target: 1.3095, 1.3134 or even 1.3155.
Time horizon: Intraday, ending 4pm GMT.
Off the Lows
— Edited by Adam Courtenay
For more on forex click here
Non-independent investment research disclaimer applies. Read more