Day trade
/
Sell
Trade view / 21 April 2017 at 5:58 GMT

Watch for negative correction to deepen for GBPUSD

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 1.2736
Market price: 1.2814
Background

As expected, Wednesday’s minor setback for GBPUSD proved to be only temporary. Yesterday saw the market attract fresh buying interest below 1.2800 and although the resulting upside was not extensive, Wednesday’s decline was mostly regained. This has kept Cable above the 200 day moving average and near the top of a positive daily Keltner channel.

Countering these positive factors though are a decline in Asia, lower highs and negative intraday divergence. These conflicting signals mean that immediate analysis has to be made with caution but, temporarily, we look for lower levels.

Management and risk description

A move to 1.2782 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.2810/15 area and at 1.2830.

Stop: 1.2861 bid.

Target: 1.2782 and 1.2736.

Time horizon: Intraday, ending 1500 GMT

Powerful demand
Powerful Demand













Consolidation
Consolidation













Long-term trendLong Term














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

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— 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
21 April
FBT431 FBT431
Thanks!
21 April
Mira Mira
GM Alan, Thanks
21 April
AlanCollins AlanCollins
Obviously Sell at 30 triggered. Would reduce exposure near 1.2800 with stop now at 1.2836
21 April
Cesime Cesime
well done Alan
21 April
Peili0925 Peili0925
It hits 1.2782.
21 April
Mira Mira
Another wonderful call, Thanks Alan
21 April
ldan ldan
Thanks Alan for another successful trade. Cheers everyone
21 April
ashrafj1 ashrafj1
great Job Alan
21 April
AlanCollins AlanCollins
Thanks guys. Have a great weekend all
21 April
FBT431 FBT431
Have a nice holiday Alan! Thanks!
21 April
L'Bug L'Bug
Thanks Alan!

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