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Kay Van-Petersen
Saxo's global macro strategist Kay Van-Petersen discusses his contrarian and non-consensus long GBP/USD trade following last month's UK general election.
Day trade
Trade view / 02 June 2016 at 5:57 GMT

Sentiment turns clearly negative for GBPUSD

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

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.

Parameters

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.

Averages break
Averages Break
 
Long-term trendLong Term













Both charts: CQG. Create your own charts with SaxoTrader; click here to learn more.


— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
1y
assi assi
Good morning Alan, what do you think about EURUSD...?
1y
AlanCollins AlanCollins
Just reduced longs at 18 Assi as there is a lack of momentum (covers most markets in Europe) but remain mildly positive

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