Day trade
/
Buy
Trade view / 07 February 2018 at 6:55 GMT

Watch for agressive bounce to extend higher for GBPUSD

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: GBPUSD
Price target: 1.4046
Market price: 1.3955
Background
Trading was volatile in Cable on Tuesday. Only minor gains were posted in Asia, but it was followed by a strong renewal of Monday’s selling pressure that confirmed our bearish forecast.
Prices were sold more than 1 ½ big figs to reach their most negative levels for three weeks.

Although all price action took place beneath the 13 day moving average, the lows were equally aggressively rejected. And by the close, the market showed limited net movement.

There are conflicting signals in this price action, but it is the downside rejection that we look for to extend into Monday's net decline.

Management and risk description
A move to 1.3980 means the stop can be raised to break even or better.

Parameters

Entry: Buy in 1.3953/58 area and at 1.3940.

Stop: 1.3903 offered.

Target: 1.3980, 1.4003 or even 1.4046.

Time horizon: intraday, closing 1600 GMT.

Below average
Below Average


Robust rally
Strong Rally















 Long-term trend
Long Term














All charts from CQG. Create your own charts with SaxoTrader; click here to learn more

For more on forex, click here.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
1y
TradingFan TradingFan
Hi Alan, on board!
1y
Anton Bushin Anton Bushin
Hi Alan, what do you think about USDCAD?
1y
Romanatrader Romanatrader
Hi Alan, I´m in play....
Bushin: I think that USD/CAD will go up....what do you think Alan?
1y
AlanCollins AlanCollins
Sorry guys only one trade up on here per day. Other calls from us can be found on Saxo's TradeMaker platform.
1y
Morten Olby Morten Olby
@Bushin/Romana...there is a nice call on USDCAD a little higher on the site from Ian
1y
Romanatrader Romanatrader
Hi Morten, I´m in long on USD/CAD too
1y
Morten Olby Morten Olby
Hi Romana...I'm waiting for price to hit ,12477 then I'm on too :-)
1y
jim7519 jim7519
HI Alan. i guess you are out of the trade now ?

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