GBPUSD: Key average acts as a bullish platform
The recent fluctuation around the 13 Day Moving Average for GBPUSD was the reason that this week's sentiment was not clear.
This situation has yet to be resolved. Although cable attracted buyers above 1.3000 again, the resulting bounce was not extensive enough to regain Friday’s entire decline.
This price action keeps prices around the average and does not provide strong signals for sentiment but we look for the topside to develop.
Management and risk description
A move to 1.3186 means the stop can be raised to break even
Entry: Buy in 1.3155/60 area and any 1.3121 dip.
Stop: 1.3082 offered.
Target: 1.3186, 1.3217 or even 1.3252.
Time horizon: Intraday, ends London time 1600 (1500 GMT).
— Edited by Adam Courtenay
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