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Despite the FOMC's hawkish outing Wednesday, the USD rally has failed to find purchase in the major pairs. Today, news of a possible North Korean H-bomb test has markets on edge with gold finding strong support, yields wilting, and UK PM May preparing to talk Brexit in Florence.
Short term
/
Buy
Trade view / 17 July 2017 at 7:25 GMT

GBPUSD - Marabuzo line platforms gains

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 1.3364
Market price: 1.3095
Background

Sentiment last week was positive - emphasising the importance of the previous week's decline stalling at a weekly Marabuzo line. Initial downside proved limited. Buyers returned near the 200 day mvg avg with the week ending with 3 consecutive up days. This move meant that the preceding week's entire net downside was regained and CABLE moved to the most bullish levels traded for 10 months. We look for these gains to continue despite likely volatility, and overbought extremes, with the immediate focus on an important 50% correction point.

Management and risk description
A move to 1.3256 means the stop can be raised to break even

Parameters

Entry: Buy in 1.3080/90 area and any 1.2997 dip

Stop: 1.2893 offered

Target: 1.3256, 1.3364 or even 1.3446

Time horizon: this week, ending Friday 21st July 12.00 GMT

Marabuzo Lines
Marabuzo Lines
 3 Up Days
3 Up Days
 Upside Targets
i Upside Targets
 Long Term
Long Term
 all charts from CQG

— Edited by Clemens Bomsdorf

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
19 July
Nono50 Nono50
Hi Alan, do you consider this trade view stil valid?
20 July
AlanCollins AlanCollins
yes. I do.
20 July
Nono50 Nono50
Still?

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