Day trade
/
Sell
Trade view / 08 February 2018 at 8:29 GMT

GBPUSD upside correction to be limited

Analyst / PIA First
United Kingdom
Instrument: GBPUSD
Price target: 1.3754
Market price: 1.3907
Background

There is an element of caution ahead of Thursday’s Bank of England policy statement with doubts whether governor Mark Carney's slightly more hawkish rhetoric from last week would translate into hawkish elements within the statement or inflation report.

Technical

Posted mild net daily losses but all trading confined to the previous days range, an indecisive Inside Day. 
Buying posted in Asia. 
Trading within a Corrective Channel formation. 
Trend line resistance is located at 1.4016. 
Bespoke resistance is located at 1.4025. 
Preferred trade is to sell into rallies. 

GBPUSD four-hour chart
gbpusd 4
Source: Saxo Bank


Parameters

Entry: Intraday - We look to sell at 1.4022

Stop: 1.4062

Target: 1.3754 and 1.3718


— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
08 February
usxau usxau
That's a decent level you are looking at. IMO markets are very bullish cable and Carney really doesn't need to be too hawkish as last data sets have been misses! Will be certainly one of the more interesting pressers of late! :) Long eurgbp with additional orders waiting! ;)
08 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Care now in this call. Going into BOE is always a bit of a 'coin-flip'.
08 February
HaythamSabry HaythamSabry
ian, are you in for this call?
08 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I am only paying it if i get my reversal formation now
will let you know
08 February
HaythamSabry HaythamSabry
pls do. thanks
08 February
usxau usxau
With you on this one! Still think your entry could be spot on! ;)
08 February
Morten Olby Morten Olby
I am tempted to enter now..1,400 seems like a high fence to jump!?
08 February
usxau usxau
Morten gutsy before the press conference! ;)
08 February
Morten Olby Morten Olby
Hi Sabrina, you are right. I kind of figured that out too. Gutsy, but not that gutsy after all :-)
08 February
alki alki
Hi Sabrina, Morten. Sitting on my toes on this one after the BoE press conf...
08 February
Morten Olby Morten Olby
Hi Alki, yes very interesting. Lets see it gets to 4022 after all...it probably will. Ian said so ;-)
08 February
Morten Olby Morten Olby
Any comment Ian...is the rhetoric from Carney too hawkish for this trade to survive?
08 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I think it is going to struggle .... I think it is also combined with the USD have the 4th wave correction. I never got the reversal candle
08 February
alki alki
Morten: i didnt fear it wont hit 4022... au contraire, i fear it wont stop there after Carneys comments :)
08 February
Morten Olby Morten Olby
Thanks Ian, crucial information. You are a really big help. Wait a bit longer then. @Alki : you had it figured out right.
08 February
usxau usxau
shorted a tad @ 42 as I think we might see some risk reversal. The comment John Hardy made about the August 2015 depreciation of the CYN makes a lot of sense, I remember that day very vividly. I expect to see some USD strength across the board! :)
08 February
alki alki
Still in the game.
08 February
usxau usxau
Yeap and only a small lot! But hey its a profit! :)
08 February
alki alki
Out at @3930. And let's call it a day!
08 February
tonyovsalford tonyovsalford
I set my sell limit @ Ians stop loss, 1.4062, Did OK lol! Thanks Ian.
09 February
Morten Olby Morten Olby
Fortune favours the brave...well played. I got in at 25. Nice!! Keep them coming Ian
09 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
GM. I don't think it can adding credit for that one;-0 Have a great day
09 February
Morten Olby Morten Olby
Ha ha...that one was crazy. But you initiated the idea Ian, all credit to you :-)
09 February
tonyovsalford tonyovsalford
GM. Great call once again Ian.
09 February
ekom ekom
fantastic call Ian, admired, got in at 1,402 and todays trade numbers really helped, thanks

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