GBPUSD: Bullish rally incomplete
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
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
Non-independent investment research disclaimer applies. Read more