Day trade
Trade view / 20 September 2016 at 6:04 GMT

GBPUSD: Weak rally keeps sentiment negative

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Background

As expected, yesterday saw a reaction to Friday’s powerful decline in GBPUSD. Buyers and profit-takers found levels marginally beneath 1.3000 to buy Cable but the resulting bounce was a limited one.

Friday’s Marabuzo line was not retested and yesterday's highs were not held and it is the weakness of the bounce from last week's base that ensures that intraday technical studies remain negative.

Management and risk description

A move to 1.3018 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.3040/45 area and any 1.3074 rally.

Stop: 1.3104 bid.

Target: 1.3018, 1.2997 or even 1.2966.

Time horizon: Intraday, ending 1600 London time.

Reactive move
Reactive Move













 Weak bounce
Weak Bounce













 Long term
Long Term
Source: All charts from CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
20 September
Robnor87 Robnor87
Great call!
20 September
AlanCollins AlanCollins
Tks. Virtually at 3rd target but would close out near current, 1.2970, levels anyway

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