GBPUSD: Tracking channel lower
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.
Management and risk description
A move to 1.2272 means the stop can be lowered to break-even.
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
– Edited by Gayle Bryant