Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Day trade
Trade view / 09 September 2016 at 5:56 GMT

Watch for GBPUSD setback to deepen, despite gains in Asia

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

Wednesday’s profit taking decline was extended on Thursday. Initial upside attracted selling interest at lower levels and prices fell back towards the 13 day moving average.

But despite a second down day, that key 13 day moving average point was not seriously tested. So until or unless that line is breached, signals for sentiment cannot be strong. Signals are left mildly negative despite gains seen in Asia.

Management and risk description

A move to 1.3291 means the stop can be lowered to break even.


Entry: Sell in 1.3325/30 area and any rally to 1.3343

Stop: 1.3378 bid

Target: 1.3291, 1.3269 and 1.3246

Time horizon: Intraday, ending London 1600 (1500 GMT)

Profit taking
Profit Taking

Lower highs

Lower Highs

Long-term trend

Long Term
Charts: 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
AlanCollins AlanCollins
The first target of 1.3291 has been met and so the stop is now at break even and the sell rally strategy cancelled.
Dj TinTin Dj TinTin
nice to see the update thanks Alan


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