Trade view /
16 February 2018 at 8:05 GMT
There were no significant economic data releases during the day with sterling direction driven primarily by international market moves. UK yields moved higher after a relatively weak gilts auction which underpinned the currency, although yield spreads narrowed slightly later in the day.
Continued upward momentum from 1.4017 resulted in the pair posting net daily gains yesterday. Buying was seen in Asia.
Trading within a Bullish Channel formation.
Trend line resistance is located at 1.4480. Bespoke resistance is located at 1.4427.
The 261.8% Fibonacci extension is located at 1.4182 from 1.3764 to 1.3924.
Preferred trade is to buy on dips.
GBPUSD four-hour chart:
Source: Saxo Bank
Intraday – we look to buy at 1.4027
1.4180 and 1.4275
— Edited by Clare MacCarthy
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