GBPUSD – Buying has resumed and is set to continue
Yesterday's temporarily bearish bias had some success, but the underlying tone was emphasised as profit taking attracted fresh investor demand for cable. This fresh upside accelerated in the latter part of the day, driving the market to the highest levels traded for two months and to our second weekly objective. Overbought sentiment remains a concern but we look for reactions to remain temporary and buying interest to build.
Management and risk description
A move to 1.4255 means the stop can be raised to break even.
Entry: Buy in 1.4225-30 area and any 1.4200 dip
Stop: 1.4170 offered
Target: 1.4255, 1.4279 or even 1.4322.
Time horizon: intraday, closing 16:00 BST
All charts from CQG
— Edited by Clare MacCarthy
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