Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Day trade
Trade view / 28 September 2016 at 6:02 GMT

GBPUSD: Bullish rally incomplete

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

Cable was bought at marginally higher levels for a second day in a row yesterday. This time buying was a touch more pronounced, in later price action, and the market moved towards Friday’s Marabuzo line. That point held and while it does the recovery has to be counted as a weak one. Nonetheless our signals for sentiment are left mildly and temporarily positive.

Management and risk description

A move to 1.3032 means the stop can be raised to break even or better.


Entry: Buy in 1.3008/13 area and any 1.2974 dip.

Stop: 1.2936 offered.

Target: 1.3032, 1.3066 and 1.3090.

Time horizon: Intraday, ending London 4pm.

Testing Marabuzo Line
Testing Marabuzo Line
 Bounce from lows
Bounce from Lows
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
Robnor87 Robnor87
Unfortunatly GBP looks very weak comp to USD:(
Crispee Crispee
Hey Alan, do you see a reversal from your profit target after US data today?
AlanCollins AlanCollins
Sadly there is a lack of momentum in this currency pair (and a few others) today. Obviously more difficult to get a handle on sentiment with a great deal of confidence. Just missed original profit target and due to lack of momentum I am now inclined to reduce exposure at current prices with a stop at today's low and the buy dip strategy cancelled.
Crispee Crispee
thx alan. good momentum recognition today. got out for a decent profit.
now short, hopefully for short-term:)
Valdis Valdis
There has been strong accumulation in the december futures contract while the price was declining in the last 5-7 days. So, I'm also long on a very short-term basis.


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