Watch for GBPUSD setback to deepen, despite gains in Asia
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)
Non-independent investment research disclaimer applies. Read more