Short term
/
Sell
Trade view / 07 August 2017 at 10:30 GMT

GBPUSD upside rejection to deepen

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: GBPUSD
Price target: 1.2811
Market price: 1.3052
Background

Last week’s signals for cable (GBPUSD) continued to point higher, and these were confirmed by a third consecutive higher weekly low and high and an initial gain of almost 1 ½ big figures. But the analysis has also highlighted potential for sellers to return to the market, with the pair trading close to 1.3256, a key 50% recovery to the entire June-October selloff. This is exactly what has happened, with sentiment deteriorating by 2 ½ big figures since Thursday’s 1.3267 top. The pullback is probably corrective and temporary, and the trend of higher weekly lows remains intact, but we look for selling interest to be the dominant factor this week

Management and risk description

A move to 1.2982 would mean the stop can be lowered to breakeven.

Parameters

Entry: Sell GBPUSD in 1.3055/60 area and at 1.3139

Stop: 1.3191 bid

Targets: 1.2982, 1.2933 or even 1.2811

Time horizon: this week, ending Friday 1200 GMT

Cable rally stalls
Rally Stalls
Source: CQG Inc
 
Upside rejection
 Upside Rejection











Source: CQG Inc

Long-term chart
Long Term
Source: CQG Inc


— Edited by John Acher

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here

07 August
ashrafj1 ashrafj1
welcome back Alan
08 August
AlanCollins AlanCollins
Thanks mate. BOL
08 August
AlanCollins AlanCollins
First weekly target of 1.2982 reached. Stop is lowered to break even and the sell rally cancelled.

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