GBPUSD view looks weak despite Asian rally
Cable posted its third down day in a row and the eighth from the last nine days yesterday.
This move took prices to the most negative levels traded for five weeks, to our first downside target and to the lower end of a falling Keltner channel.
The speed and scope of recent moves means immediate signals for sentiment are oversold but there is no sign yet of anything other than temporary profit taking from the Asian bounce.
Management and risk description
A move to 1.2877 means the stop can be lowered to break even or better.
Entry: Sell in 1.2920/25 area and any rally to 1.2946
Stop: 1.2978 bid
Target: 1.2877, 1.2851 or even 1.2817
Time horizon: Intraday, ending London 4pm
Five week lows
— Edited by Adam Courtenay
Non-independent investment research disclaimer applies. Read more