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The European Central Bank meets this afternoon in the wake of the Italian referendum and, despite the fallout not yet being of the magnitude that analysts had predicted, it looks likely that the central bank will calm a nervy market with an extension of its bond-buying programme.
Day trade
Trade view / 11 October 2016 at 5:50 GMT

GBPUSD: Tracking channel lower

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Background

Monday’s trading was subdued as the market caught its breath after Friday’s exceptional and volatile price action. Lower levels were posted but although these were modest, they do reflect the underlying tone that is expected to continue to dominate trading. 

So, while caution does need to be applied and exact risk levels are difficult, our technical studies suggest that lower levels will develop in the coming days.

Management and risk description

A move to 1.2272 means the stop can be lowered to break-even.

Parameters

Entry: sell in 1.2320/25 area and any 1.2362 rally.

Stop: 1.2401 bid.

Target: 1.2272 and 1.2244.

Time horizon: intraday, ending London 4pm time.

Reaction from lows
Reaction from Lows
 
Gradual decline
Gradual Decline
 
Long term
Long Term
 Source: all charts 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
11 October
AlanCollins AlanCollins
Looking at reducing exposure around 1.2290 level now, with stop now assessed as 1.2329

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