Opec is scrambling to save the production cut deal ahead of the oil cartel's November 30 meeting as oversupply once again stalks the global market. More to come within the hour....
Day trade
Trade view / 25 August 2016 at 5:55 GMT

GBPUSD demand stalled and setback expected

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom

Sterling strength dominated the bulk of Wednesday’s trading and confirmed our call with all positive targets met. But with cable at three-week highs, and overbought extremes, the extremes were not maintained as profit-taking developed. Going into today, trading has a gradually positive Keltner channel in the background but yesterday's upside rejection, replicated in Asia this morning, gives intraday sentiment a negative bias.

Management and risk description

A move to 1.3199 provides the opportunity to lower the stop to break-even.


Entry: sell in 1.3230/35 area and any rally to 1.3251.

Stop: 1.3280 bid.

Target: 1.3199, 1.3169 or even 1.3129.

Time horizon: intraday, ending 1600 London time.

 Three up days
3 Up Days

Highs rejected
Highs Rejected
Long term
Long Term
 Source: all charts from 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
25 August
Michael S. McKenna Michael S. McKenna
Hi Alan, would you say the move foreseen in this trade view occurred with the large red hourly candle on the 8 a.m. (CET) line, or are you looking to a broader daily move to the identified targets?
25 August
AlanCollins AlanCollins
Based on hourly charts and written an hour or so before that candle occurred. Disappointed that it has not followed through below 1.3200 yet but markets so quiet that have to use additional caution.
25 August
Michael S. McKenna Michael S. McKenna
What is your view on the pair at current levels, and given that steep decline early
in the session?
25 August
AlanCollins AlanCollins
remains negative though with less confidence as tiem progresses. An hourly close above 1.3233 would concern.
25 August
AlanCollins AlanCollins
Through 3199 so stop to break even. On a 69 print would lower stop to 09.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail