Sentiment turns clearly negative for GBPUSD
Wednesday’s bearish bias was confirmed by further selling pressure. The stalling at the 100 day moving average proved temporary and a second down day in a row resulted (it was in fact the fourth down day in the last five).
Last week's gains have been entirely reversed. So although a reaction is likely with signals oversold, underlying sentiment is now clearly negative.
Management and risk description
A move to 1.4407 means the stop can be lowered to break even.
Entry: Sell in 1.4435/40 area and any rally to 1.4484.
Stop: 1.4522 bid.
Target: 1.4407, 1.4385 and 1.4360.
Time horizon: Intraday, London 1600 (1500 GMT) Thursday June 2.
Both charts: CQG. Create your own charts with SaxoTrader; click here to learn more.
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