Weak GBPUSD rally emphasises negative bias
Trading in cable was muted yesterday with all price action contained within Friday’s parameters. For a fourth day in a row there was limited net movement. But this indecisive trading does come against the background of a declining Keltner channel and prices remaining beneath the 200-day moving average. So caution needs to be used but the underlying bias is assessed as negative.
Management and risk description
A move to 1.3515 means the stop can be lowered to break even.
Entry: Sell in 1.3550/55 area and at 1.3578
Stop: 1.3610 bid
Target: 1.3515, 1.3486 or even 1.3463
Time horizon: intraday, closing 15:00 GMT
All charts from CQG
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